IMF support builds trust in country’s economic policy – economist

Huambo – The government’s adherence to the International Monetary Fund’s financial assistance programme, coupled with technical support for monitoring public accounts, ensures credibility to Angola’s economic policy and thus attract foreign investors.

The IMF’s technical and financial help means Government’s public commitment to launch the necessary reforms to ensure more credibility and transparency to national economy, said Monday the economist Carlos Rosado de Carvalho.

Addressing a scientific conference on “Notes on the Angolan Economy”, sponsored by Students Association of the Faculty of Economy of the Jose Eduardo dos Santos University, De Carvalho referred to refund procedure to IMF, whose interest rate is of four percent, contrary to the current nine percent of interest.

As example, the economist said that the IMF assistance will enable the publicising of accounts from National Bank of Angola and the state-run oil firm Sonangol.

The expert said that the said reforms the country needs to launch are not easy, adding that Angola is spending more than what it gets.

Warning of possible cuts and the need to increase the price of fuel, the economist said to be necessary because, he added, such a sacrifice can bring benefits in the future.

Meanwhile, he recommended to strengthen policies to fight against corruption and bureaucracy.

He stressed the need to work on construction of infrastructure for production of energy, roads, water supply and others necessary to diversify the economy with focus on agro industry.

Angola has been IMF member since 1989.

Source: Angola Press News Agency