IMF considers that Angola is progressing towards macro-economic stability

14 December 2011

Luanda, Angola, 14 Dec– Angola continues to make progress towards macroeconomic stability, the International Monetary Fund (IMF) said in a report issued Monday in Luanda and cited by state newspaper Jornal de Angola.

As well as exchange arte stability, the IMF noted a drop in interest rates and a return to previous foreign reserve levels at a faster-than-expected rate.

According to the report, present by the resident IMF representative in Angola, Nicholas Staines, progress was bolstered by fiscal consolidation over the last two years.

“Stabilisation remains incomplete,” noted the document, which was the result of the fifth evaluation of the Stand-by Agreement signed by the IMF with the Angolan government.

In terms of tax reforms and transparency, the IMF report was satisfied with measures taken to improve control of Sonangol’s financial transactions, the continued dissemination of information about Sonangol’s business, including its audited financial report for 2010.

The IMF also welcomed the decision by the Angolan authorities to base the General State Budget on “conservative” oil prices, its commitment to improving transfers of oil revenues and to continue working to define the framework for a stabilisation fund. (macauhub)