Govt spends USD 30 mln on palm oil imports per month

Ndalatando – Angolan Government spends USD 30 million each month to import 10,000 tons of palm oil, according to the Secretary of State for the Economy, Mário Caetano João.

Import of palm oil has an impact on the country’s trade balance, said Mário Caetano João on Monday during a meeting with businessmen in northern Cuanza Norte province.

The visit to the region aimed to find out the conditions to launch the Credit Support Programme (PAC) in the province, underway in the country.

He explained that in the first two months of 2020 the Government disbursed 59 million dollars, of which 29 million in January and 30 million in February, with the import of 20,000 tons of this product.

Mário João stressed that the incentive to local production of palm oil would contribute to the country’s financial easing, with the reduction of imports of that product.

He recognised the productive potential of the province and encouraged the local business community to invest in this and other cultures, whose import results in a significant weight of the country’s trade balance.

He said that under the PAC and through the Development Bank of Angola (BDA), 750 million kwanzas is the amount made available for financing agricultural cooperatives, small and medium-sized companies, in the framework of the Programmeto Support Production, Export Diversification and Substitution of Imports (Prodesi).

Source: Angola Press News Agency