Government of Angola waives funding from the International Monetary Fund

24 April 2017

Taking on financing from the International Monetary Fund (IMF) “is outside the government’s plans,” Angolan Finance Minister Archer Mangueira said on Sunday in Washington.

 

The minister, who is in the United States capital to attend the Spring meetings of the International Monetary Fund and the World Bank and for meetings with several international investors, also told Portuguese news agency Lusa, “the Angolan state’s debt plan was approved and disclosed, and that is publicly known.”

 

Mangueira said the plan, which foresees gross financing needs of 4.667 trillion kwanzas (US$28 billion), “is going very well,” allowing funding to be made available to finance the public investment programme for 2017.

 

The minister added that he had already reached an agreement with the two institutions to extend the technical assistance programme to Angola, “in a number of areas where we recognise that we need to strengthen our technical and policy-making capacities, “such as in the National Statistics Institute.

 

The Finance Minister added that Angola’s economy registered growth of between 0.1% and 0.6% in 2016, the final value of which should be known soon, with the budget deficit ranging from 3.6% to 4%.

 

Mangueira attributed weak growth to the absence of public investment due to the fall in oil prices and consequent reduction of tax revenue.

The Angolan government expects a sharp increase in economic growth this year, with Mangueira noting that in the last quarter of 2016 a number of public works were already underway and will continue to be implemented during 2017.

 

“These are very significant investments, in nominal and real terms, that will boost development,” the minister said. (macauhub)

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