President of Angola recognises that the country’s economic situation is difficult

16 March 2020

The president of the Popular Movement for the Liberation of Angola (MPLA) and President of Angola, João Lourenço has admitted the possibility of needing to revise economic forecasts due to the fall in the price of oil and the COVID-19 pandemic, the Angolan press reported.

João Lourenço, in a speech at the third ordinary session of the Central Committee of the MPLA party which has governed Angola since the country’s independence, acknowledged that “the price of crude oil had never seen such an abrupt drop in such a short space of time as now.”

He noted that, in little over two months, the world economy has been severely affected, the main industries have been deeply affected and the number of companies temporarily closed or working far below their installed capacity is very large.

“All the economies of the world, large and small, producers and non producers of oil are feeling it, and the uncertainty in the near future is growing,” noted the leader of the MPLA, quoted by the Angop news agency.

Angola’s Finance Minister, Vera Daves, said recently in Luanda it was still, “too soon to consider any scenario to revise the State Budget for 2020,” despite the volatility of the price of oil extracted in the country on the international markets.

The State Budget for 2020 was drawn up on the basis of the price of a barrel of oil of US$55 but recently, due to the COVID-19 outbreak, this price has been in decline, at around US$30 per barrel. (macauhub)