Angola - potential for economic stabilisation

Posted On Thursday, 26 February 2004 02:00 Published by
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Angolan Deputy Prime Minister Announces Progress on Reaching a Formal Agreement with the International Monetary Fund.

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Washington, DC, February 25, 2004 Aguinaldo Jaime, Angola’s Deputy Prime Minister and coordinator of the Angolan government’s economic team, announced this week that the Government of Angola and the International Monetary Fund would soon sign a formal agreement. Minister Jaime made the announcement following two days of consultations with IMF officials in Washington, DC.

“I am pleased to announce that our negotiations went very well and will pave the way for the signing of a formal agreement very soon,” Minister Jaime said. While there is a rigorous timetable with measures that need to be put in place before an agreement can be signed, the Minister reiterated that the Angolan government is ready to take these measures and move forward.

The Minister also said the agreement with the IMF would contain a number of measures related to transparency and accountability that would dispel the incorrect perception that the Angolan government is not being forthcoming about its revenues and expenditures.

The Deputy Prime Minister’s announcement is only the latest in a series of measures the Government of Angola has taken to improve macro-economic management and accountability. A new monetary policy is in place to reduce public expenditures as a percentage of Gross Domestic Product, which has already resulted in a drop in inflation from 106 percent to 76 percent, and the government expects inflation to be 20 percent by the end of this year. Angola’s exchange rate has also stabilized.

In addition, Angola has joined the IMF’s General Data Dissemination System to make public more of its key economic data. By joining the GDDS, Angola will further enhance transparency and accountability. Finally, the government has published a comprehensive strategy to combat poverty and address social reintegration, rehabilitation, reconstruction and economic stabilization.

Angola’s Ambassador to the United States, Josefina Pitra Diakité hailed the Deputy Prime Minister’s announcement and expressed her hope that with the signing of an agreement, the Angolan government can begin a meaningful dialogue with international donors regarding a donor’s conference for Angola. “As a post-conflict country, Angola’s reconstruction and reintegration needs are huge. We want to work closely with our international partners to address these concerns in an open and transparent manner so that Angolans can finally recognize the true benefits of peace,” she said.

Last modified on Wednesday, 16 April 2014 13:44

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