Luanda: Angola has made significant strides toward macroeconomic stability, but sustaining those gains will require deeper structural reforms to create jobs and boost household income, Secretary of State for Treasury and Finance Ottoniel dos Santos said Thursday.
According to Angola Press News Agency, Speaking on the third day of the Angola Economic Forum in Luanda, dos Santos reviewed the country's economic trajectory following the severe 2014 oil price shock. He noted that Angola's relationship with the International Monetary Fund (IMF) has evolved from emergency financial backing into a long-term partnership centered on advisory services and technical assistance.
According to dos Santos, the implementation of the 2018 Macroeconomic Stabilization Program alongside IMF support laid the groundwork for critical fiscal consolidation, exchange rate flexibility, and a broader overhaul of the national financial system.
Key indicators of that progress, he noted, include cooling inflation, a more stable kwanza, and foreign exchange reserves holding steady at approximately $15.3 billion. He also pointed to a reduced government debt-to-GDP ratio and ongoing cuts to fuel subsidies as vital achievements bolstering economic stability.
However, dos Santos warned that gains driven by non-oil sector growth and a recovering oil market are not guaranteed over the long haul.
To ensure lasting sustainability, he urged a stronger commitment to fiscal discipline-specifically through expanding the tax base, enhancing spending efficiency, and safeguarding funding for infrastructure and social programs. He also called for proactive debt management, including extending debt maturities in the domestic market and reducing exposure to foreign exchange risk.
Highlighting the need for private sector-led growth, dos Santos said the government is working to improve the local business climate, streamline regulations, and widen access to credit. He cited major public-private partnerships and regional projects, such as the Lobito Corridor, as key vehicles for future investment.
'The next phase of Angola's economic history will depend on the consistency with which reforms are implemented across the country,' dos Santos said.
This year's forum, held under the theme 'Angola, Economic Diplomacy, and Regional Integration: New Partnerships for Sustainable Development,' brings together policymakers and international partners to focus on expanding regional trade and economic cooperation
