Drop in oil prices is an economic challenge for Angola

25 March 2015

The Secretary of State for cooperation of the Angolan Ministry of Foreign Affairs, Angela Bragança, said in Luanda that the recent drop in oil prices of around60 percent in the last six months is an economic challenge for Angola.

Speaking at a meeting with members of the business mission of the USA-Angola Chamber of Commerce, Bragança said that this had a great impact on tax revenues and led the government to adopt a state budget for 2015 with public spending cuts.

She said the measure aimed to preserve currency and price stability and economic and social growth.

Bragança stressed that alongside economic and social activities the Angolan government is conducting a tax and public finance reform programme to increase revenue collection.

The Secretary of State said attracting foreign investment to Angola’s economy was one of the foundations for development, which will focus primarily on transfer of technology and “know-how,” industrialisation, agriculture and natural resources. (macauhub/AO)