Angolan President analyses proposed measures for the Angola Sovereign Fund

9 January 2018

The President of Angola, João Lourenço, said on Monday in Luanda he would analyse the measures proposed by the Ministry of Finance for the Angola Sovereign Fund, which may be implemented in the next few days, at his first press conference since he took office.

Lourenço said that an “independent” company has been hired to carry out a diagnosis of the accounts of the Sovereign Fund and said that as a result of this work the Ministry of Finance presented a proposal for measures to be taken in order for the government take more effective control of the money made available to the Fund.

The Angola Sovereign Fund was created in 2012, with an initial allocation of US$5 billion. The Board of Directors of the Fund is chaired by Filomeno dos Santos, son of the former President of the Republic, José Eduardo dos Santos.

Lourenço, quoted by the Angolan news agency, stressed that the dismissal of the current board of directors of the Sovereign Fund was a possibility, stating “I won’t say that I will exonerate it, but it could happen.”

At the same press conference, which brought together more than 100 journalists from the national and foreign media, the Angolan President said that the government will sell all state companies that are not profitable.

The President stressed that private activity should be the main driver of production of goods and services and that the Angolan State will focus on the national and foreign private sector to develop the country’s economy.

Lourenço noted in this regard that the model designed for Special Economic Zones, in which management was the responsibility of the State, had not provided the results that would be expected. (macauhub)