IMF praises Angola’s efforts towards fiscal transparency in the oil sector

17 December 2009

Luanda, Angola, 17 Dec – The assistant director general of the International Monetary Fund (IMF), Takatoshi Kato, Wednesday in Luanda praised the Angolan government’s efforts to improve fiscal transparency, “especially in the oil sector.”

“The IMF praises the efforts of the government to improve fiscal transparency, especially in the oil sector,” said Kato at the end of a 24-hour visit to Luanda, where he met with the President of the Republic, José Eduardo dos Santos and with the government’s economic team, including the National Bank of Angola.

Kato said, meanwhile, that the IMF would soon place a “resident representative” in Angola to support the country in the restructuring of its financial system as well as supervise the application of the recent loan agreement of US$1.4 billion to help the Angolan balance of payments and re-establish macro-economic stability.

Kato also said that the IMF would continue to work with the National Bank of Angola to carry out reforms on the country’s foreign exchange system.

Kato also praised the “prudent fiscal management that aims to reduce the primary non-oil deficit,” and the boost to management of public finances, “including the creation of a sovereign fund and fiscal transparency that will help manage the wealth created by the country’s resources, such as oil.” (macauhub)