Covid19 prompts macroeconomic reprogramming

Luanda – The Republic of Angola is carrying out macro-economic reprogramming, at all levels, in order to prevent the possible impacts of the coronavirus (Covid19), said Saturday, Finance Minister Vera Daves.

According to the minister, currently, finance technicians and similar institutions compute as much information as possible to reprogram all macroeconomic variables, such as the revision of GDP, inflation, the exchange rate, the fiscal deficit, the balance of payments deficit and all its components.

Vera Daves, who held a meeting with journalists this Saturday in Luanda, said that the Coronavirus could have an impact on public debt management – which could be a possible scenario of lower economic growth, reduced revenues, as well as treasury management.

“We have to make the necessary adjustments on the side of non-oil revenue and on the side of expenditure to close the gap,” said the minister while answering some questions posed by Angolan and foreign journalists.

In order to fill this void, the head of Finance points to an increase in indebtedness, but in a “non-aggressive” way and an increase in non-oil revenue without harming the lives of companies and families, looking at the taxation of unofficial land unoccupied buildings.

“We are closely monitoring all development, with care and realism, hoping that the impacts are as small as possible,” said the minister, recalling that the theme “Covid19” is not only related to the connection that Angola has with other countries, due to the interdependence.

Speaking at the meeting, the director of the Study and Planning Office of the Ministry of Finance, Emílio Londa, said it is estimated that until next April there will be a more stable situation taking into account the reports that the International Monetary Fund (IMF) will publish in the month in reference.

The same source said that both Angola and other countries and the IMF itself are also engaged in its reprogramming under the Coronavirus.

Source: Angola Press News Agency

Covid19 prompts macroeconomic reprogramming

Luanda – The Republic of Angola is carrying out macro-economic reprogramming, at all levels, in order to prevent the possible impacts of the coronavirus (Covid19), said Saturday, Finance Minister Vera Daves.

According to the minister, currently, finance technicians and similar institutions compute as much information as possible to reprogram all macroeconomic variables, such as the revision of GDP, inflation, the exchange rate, the fiscal deficit, the balance of payments deficit and all its components.

Vera Daves, who held a meeting with journalists this Saturday in Luanda, said that the Coronavirus could have an impact on public debt management – which could be a possible scenario of lower economic growth, reduced revenues, as well as treasury management.

“We have to make the necessary adjustments on the side of non-oil revenue and on the side of expenditure to close the gap,” said the minister while answering some questions posed by Angolan and foreign journalists.

In order to fill this void, the head of Finance points to an increase in indebtedness, but in a “non-aggressive” way and an increase in non-oil revenue without harming the lives of companies and families, looking at the taxation of unofficial land unoccupied buildings.

“We are closely monitoring all development, with care and realism, hoping that the impacts are as small as possible,” said the minister, recalling that the theme “Covid19” is not only related to the connection that Angola has with other countries, due to the interdependence.

Speaking at the meeting, the director of the Study and Planning Office of the Ministry of Finance, Emílio Londa, said it is estimated that until next April there will be a more stable situation taking into account the reports that the International Monetary Fund (IMF) will publish in the month in reference.

The same source said that both Angola and other countries and the IMF itself are also engaged in its reprogramming under the Coronavirus.

Source: Angola Press News Agency