Bangkok:Angola has called on international financial institutions to revamp their lending frameworks and increase access to external funding to address Africa's annual development deficit of $400 billion.
According to Angola Press News Agency, Ottoniel dos Santos, Angola's Secretary of State for Finance and Treasury, emphasized at the World Bank and International Monetary Fund Annual Meetings that relying solely on domestic revenue is insufficient to meet the continent's infrastructure needs.
Dos Santos pointed out that Africa faces a disproportionate perception of risk, which raises capital costs and limits access to international markets. This situation impedes the execution of essential projects needed for the economic diversification of African countries.
He advocated for transforming priority infrastructure projects into bankable and accessible opportunities to promote economic diversification and sustainable development across Africa.
The World Bank and IMF meetings, themed "New Horizons for Thailand Empowering People, Building Resilience," saw global leaders discuss challenges such as private capital mobilization, job creation, AI integration, and strengthening economic safety nets. Since joining the World Bank and IMF in 1989, Angola has worked to align its policies with international financial institutions to improve public account management and foster sustainable growth.
