Luanda: The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, announced that Angola has "turned the page" on negative growth due to the economic reforms initiated in 2017. The statement was made after a meeting with Angolan President Joo Louren§o, where they discussed the progress of these reforms and the support programs maintained by the IMF in the country.
According to Angola Press News Agency, Kristalina Georgieva is in Angola on a three-day official visit aimed at strengthening economic cooperation and assessing the main challenges the country faces. She emphasized the need for continued government measures to ensure macroeconomic stability amid global changes. Georgieva highlighted that transformative reforms by the Angolan government are enabling the country to recover and consolidate economic growth.
'I congratulated the government on the reforms that have been taking place since 2017. Angola has managed to move from negative economic growth to positive growth, and this demonstrates effort and resilience,' she stated. Georgieva also acknowledged Angola's leadership role within the African Union and the importance the country has placed on infrastructure development, crucial for the continent's advancement.
She addressed the challenges posed by global economic changes and climate shocks, urging Angola to maintain its reform agenda to boost resilience. 'In a changing world, it is essential that economies adapt and become more resilient,' she stressed.
Discussing the gradual removal of fuel subsidies, Georgieva noted that this measure would improve public spending efficiency and support vulnerable families. She pointed out that 'subsidies primarily benefit wealthy people' and suggested that the savings be redirected to social programs to aid the poorest.
'The current program already supports 0.7 million people, an important milestone, but it still needs to be expanded and made more efficient,' she said, reiterating the IMF's support for the Angolan government's measures.
Georgieva's agenda in Angola includes strengthening economic cooperation and evaluating the country's main challenges. She is set to meet with the economic team led by the Minister of State for Economic Coordination, Jos© de Lima Massano. Her visit coincides with Angola's efforts to consolidate macroeconomic progress and pursue structural reforms.
The IMF Managing Director aims to reinforce institutional partnerships to support measures that stabilize the economy and promote growth. The visit includes assessing economic risks, such as oil dependence, exchange rate volatility, and external debt levels. Diversifying the Angolan economy is also a key focus of the mission.
Bilateral cooperation between Angola and the IMF has been crucial for economic stability and development, especially since the 2000s. This partnership has intensified during periods of macroeconomic imbalance and crises related to oil price fluctuations. Angola has engaged with the IMF through various support programs, notably the Extended Fund Facility (EFF) from 2018 to 2021.
