Angola’s support request to the IMF’s technical assistance

8 April 2016

The request for support made by Angola to the International Monetary Fund’s technical assistance, intended to design and implement policies and reforms to improve macroeconomic and financial stability, said Thursday in Luanda the minister of Finance.

Minister Armando Manuel clarified not be in the presence of a request for economic recovery, which occurs in economies at certain times shows inability to meet the debt service and have difficulty paying primary responsibilities, such as staff salaries, as happened with some European countries.

“In the case of Angola this is not a request for economic recovery, as the debt of Angola is healthy, without pressure in the short term being more oriented to the medium and long term,” the minister said, according to news agency Angop.

Armando Manuel added that, despite the adverse global economic environment, Angola was one of the few oil producing countries that quickly adjusted its fiscal framework, is one of the few who started a reform in order to improve the quality of public spending, especially to reduce subsidies to petroleum products, which was successful.

Negotiations between the Angolan authorities and the International Monetary Fund should start during the spring meeting of the Fund and the World Bank, taking place in Washington from 15 to 17 April after being pursued in Luanda. (macauhub/AO)