Angola affected by global economy downturn

Luanda – Angola will feel the effects, in the short term, of the slowdown in the growth of the world economy and international trade, due to the pandemic of the Coronavirus (Covid-19), which the world faces, said last Saturday in Luanda, the minister of Economy and Planning, Sérgio Santos.

The minister – who was speaking to the press, on the sidelines of a working meeting with ministers, provincial governments and officials from various ministerial departments – justified his statement by the fact that Angola depends mostly on oil exports, a product that is suffering constant losses in the price due to Covid-19.

On the occasion, the minister stated that the country will also have economic difficulties resulting from this pandemic, as it is a global disease that plagues all economies in the world.

“We cannot fail to look at this reality as a major threat to the programmes of the Angolan Government. For that, we have to prepare a very adequate response to face this threat”, he underlined.

He said that the impact of Covid-19 on the economy “will not be an isolated problem of Angola, but a worldwide one”.

In light of this reality, he said, Angola needs to focus its attention on internal potential, supporting national producers to replace most of the imported goods.

According to the minister, the country has the potential to increase national production and stop importing most of the products.

As for the meeting, which brought together ministers and provincial governors, Sérgio Santos gave a positive note to it, for allowing adjusting the way the Credit Support Program (PAC) should be implemented.

The meeting, held at the headquarters of the Provincial Government of Luanda, was chaired by the minister of State and Head of the Security Affairs Office of the President of the Republic, Pedro Sebastião, the minister of State for the Social Affairs, Carolina Cerqueira, and the minister of State and Chief of Staff of the President of the Republic, Frederico Cardoso.

Source: Angola Press News Agency