IMF says Angola’s economic growth falls short

4 November 2016

Angola’s economy continues to show low growth, “far short of what is desired,” said the head of mission of the International Monetary Fund (IMF), which on Thursday started a working visit to Luanda until 17 November, according to the Angolan press.

Ricardo Velloso said weak economic growth, and the current rate of inflation of around 40%, are the main concerns that the IMF staff bring to the table at the meeting held at the Finance Ministry headquarters with the government of Angola and the board of various companies.

The IMF mission’s schedule includes, among other things, discussion with the Angolan authorities of issues related to the development of the tax framework and public debt, forecasts of economic indicators for 2017, and growth estimates for the oil and non-oil sector.

The latest developments in the banking sector, as well as the conditions for the State Budget (OGE) for 2017, will also be analysed.

The forecast balance of payments, the development in non-oil taxes, recent measures, outlook and medium-term plans and the implementation of the Public Investment Programme (PIP), are other issues in the agenda.

Under Article IV of its Articles of Agreement, the IMF holds bilateral discussions with member countries, normally on an annual basis, in which a team of experts visits the country, collects information of an economic and financial nature and discusses with the authorities and other stakeholders the development of the economy and economic policies.

The previous mission under the terms of Article IV took place from 12 to 25 August 2015. (macauhub)