Accra:President Joao Lourenço acknowledged that the country has faced significant economic and social challenges since 2017 due to declining oil prices, the COVID-19 pandemic, and international conflicts. Despite these hurdles, Angola remains committed to its national development objectives.
According to Angola Press News Agency, President Lourenço spoke at the National Assembly's fifth and final legislative session of the fifth parliamentary term. He noted the difficult economic environment at the start of his term, marked by economic contraction, rising public debt, exchange rate instability, and a decline in net international reserves.
In response to these issues, the Angolan government introduced the Interim Plan in October 2017 to stabilize the economy, promote growth, create jobs, and address urgent social needs. Additionally, the National Development Plans for 2018-2022 and 2023-2027 were identified as crucial frameworks guiding governance and promoting balanced economic development across the country.
The implementation of these plans has been hindered by external factors, such as international conflicts, supply chain disruptions, rising prices for food, fuel, and fertilizers, as well as changes in global financial conditions and oil market fluctuations. The COVID-19 pandemic exacerbated these challenges, leading to a health crisis, production chain disruptions, border closures, and reduced economic activity, with social repercussions for the population.
Despite these difficulties, President Lourenço emphasized that Angola continues its reform programs and has taken measures to protect households, maintain macroeconomic stability, and support national development. He underscored that the development challenges require a collective and ongoing effort from all Angolans, beyond political and electoral cycles, to strengthen and consolidate the country's development efforts.
