Angola due to receive a team from the International Monetary Fund

25 April 2018

A team from the International Monetary Fund (IMF) will shortly travel to Angola to diagnose the country’s financial problems, within the framework of the support requested by the Angolan government for an unfunded programme called the Policy Coordination Instrument (PCI), the director of the institution’s Africa department said recently.

In a statement issued in Washington, cited by state newspaper Jornal de Angola, Abebe Selassie said that among other things the team will assess issues related to macroeconomic, fiscal and foreign exchange reforms in the country.

Selassie stressed that the government is interested in implementing reforms to diversify the economy and not depend on oil.

With regard to sub-Saharan Africa, Selassie understands that the region is growing modestly, rising from 2.8% in 2017 to 3.4% this year, a broad-based recovery occurring in two-thirds of the countries in the region.

In his view, oil-importing countries, which in some cases show growth due to large public sector expenditures that have resulted in debt accumulation, should reduce the fiscal imbalance, accelerate reforms to enable the private sector to become the driver of growth.

He added it was necessary to increase the collection of taxes, which will allow that region of Africa to reach the goals of sustainable development, maintaining fiscal sustainability. (macauhub)