A mission of the International Monetary Fund (IMF) on Tuesday in Luanda began talks for the implementation of the Policy Coordination Instrument (PCI), the Ministry of Finance said in a statement released on Wednesday.
The statement said that the PCI aims to enable the Angolan government to achieve the macroeconomic stabilisation objectives outlined in the 2018/2022 National Development Plan.
The PCI is available to all IMF members who do not need the Fund’s financial resources and is applied in countries that intend to implement reforms or unblock and coordinate the financing of other official lenders or private investors.
IMF mission coordinator Mário de Zamarocy pointed out that the introduction of Value Added Tax (IVA), liberalisation of exchange rates, fuel subsidies, the General State Budget for 2019, external and internal arrears, the waiting list for foreign exchange reserves are some of the topics on the agenda of the discussions of the meetings.
The PCI enables close exchange between the IMF and a member country, regular monitoring of economic developments and policies, and the endorsement of these policies to prevent crises and build in shock absorbers against external shocks and improve macroeconomic stability.
In addition to the Ministry of Finance and to carry out this mission, which runs until 14 August, the IMF delegation will meet with various public and private entities. (macauhub)