Angola’s new Competition Law and the revised Private Investment Law will help Angola to return to higher economic growth rates, said the head of an International Monetary Fund (IMF) mission, which concluded a visit to Luanda on Thursday.
Ricardo Velloso said that the competition legislation intends to break some of the existing monopolies in the economy, thus encouraging more private investment and leading to more job creation. The private investment law will provide more incentives and guarantees for foreign entrepreneurs to invest in Angola.
The Brazilian economist noted that Angola’s public debt is now higher than in previous years, “something that is a concern for the IMF,” but acknowledged that the Angolan government took an important step with the approval of the General State Budget for 2018, which outlines a lower deficit than in previous years.
At the end of a meeting between the Angolan economic team and the IMF delegation, the Minister of State for Economic and Social Development, Manuel Nunes Júnior, said that economic growth forecasts for this year are positive, as they are an improvement over initial projections.
The minister noted the economic growth rate which, from an initial forecast of 1.6%, has now been revised to 2.2%. (macauhub)