The Angolan government has asked the International Monetary Fund (IMF) to implement an unfunded programme called the Policy Coordination Instrument to help implement the measures contained in the Macroeconomic Stabilisation Programme, which began in January 2018, the Ministry of Finance said in a statement.
The statement added that the Macroeconomic Stabilisation Programme will also serve to increase Angola’s growing external credibility, with positive effects on attracting Foreign Direct Investment.
The Ministry of Finance recalled that since the second half of 2014 the Angolan economy has faced an adverse economic and financial situation, caused by an external shock that had serious implications for the country’s fiscal accounts, the balance of payments, the foreign exchange market and the real economy.
The statement also recalled that the government has adopted a number of management measures to cushion the impacts of the oil price shock, including fiscal, monetary and commercial, and adds that the impact of changes in oil prices requires the adoption of structural measures to strengthen the country’s financial and economic flexibility.
The document concludes that, with the implementation of the 2018-2022 National Development Plan, Angola enters a new cycle, which will be characterised by less dependence on the country’s oil resources and by a strong commitment to driving the private sector of the national economy, with a view to promoting non-oil exports and import substitution. (macauhub)