IMF available to provide financial assistance to Angola

7 November 2017

The International Monetary Fund (IMF) is available to provide financial assistance to Angola provided there is a request in this regard, “something that has not occurred to date,” said the Brazilian economist Ricardo Velloso, quoted in the Angolan press.

Velloso, head of an IMF mission, said at the end of the preliminary meeting with the Angolan government’s economic team was analysing the macroeconomic forecasts and the assumptions underlying the Policy and Action Mid-Term Plan year to March 2018), to improve the country’s economic and social situation.

The head of the International Monetary Fund (IMF) mission to Angola considered it positive that the Angolan government intends to introduce Value Added Tax (VAT) in 2019, a longstanding suggestion made by the IMF, and announced a trip to Angola in late November by a mission of the IMF’s Public Finance department to provide technical support in this area.

Regarding the Interim Plan, approved on 10 October, at the first meeting of the Council of Ministers chaired by the new Angolan head of State, João Lourenço, to improve the country’s economic and social situation, the head of the IMF mission to Angola said that, a provisional analysis, shows “a lot of positive things.”

“Our assessment is starting, the plan is very detailed, there are many measures, our provisional assessment is that there are a lot of positive things, as mentioned, the creation of VAT is a very positive aspect, another aspect that we consider positive is the intention to move to the more flexible foreign exchange system,” Velloso said.

The IMF provides assistance to Angola through annual consultations under Article 4 and the technical assistance programme covering various areas, such as tax policies, forecasts of macroeconomic data of the country, among others.

The delegation of the International Monetary Fund will remain in Angola from 5 to 15 November, to make a more in-depth diagnosis of the country and strengthen cooperation in order to find the best joint solutions to improve the macroeconomic situation. (macauhub)