Angola has foreign reserves to cover 8 months of imports

3 June 2013

Angola has enough foreign reserves to cover almost eight months of imports the country’s Economy Minister said Saturday at the closing ceremony of the Forum of the Manufacturing and Business Sector of Kwanza Sul.

Abraão Gourgel said that at the end of 2009, at the height of the world financial crisis, foreign reserves totalled US$19 billion, and last April stood at US$35 billion, which is the equivalent of around 30 percent of Angola’s Gross Domestic Product (GDP).

Noting that the company is this year expected to post growth of at least 7.4 percent, the Economy Minister noted the obstacles to investment, particularly for the private sector, caused by financial instability and by a lack of public strategies and policies, which, he said, had been overcome.

However, Gourgel admitted that exports remained 97 percent dependent on a single product – oil – and that the remaining 3 percent were split between diamonds (2 percent) and other mining products, namely ornamental stone. (macauhub)