Luanda – Angola’s Sovereign Fund (FSDEA) says that it has already completed the first phase of its restructuring process, which includes the asset allocation strategy, an action that has had the support of a British entity.
The fund has undergone two decapitalizations, as part of PIIM – Integrated Plan for Intervention in Municipalities, worth USD 2 billion and USD 1.5 billion earmarked for the fight against Covid-19 pandemic.
Legally ratified in 2011 and officially established in 2012, the FSDEA had an initial allocation of USD 5 billion.
Now, with an overall funding portfolio of USD 2.8 billion, the officials are committed to improving mechanisms for channeling resources.
According to Alcides José, head of the study and exchange department of the Sovereign Fund of Angola, who spoke in one of the editions of the Azimute programme on National Radio of Angola, the restructuring began in 2018, when the current Board of Directors took office.
The process, according to the official, follows the initiative of the Ministry of Finance which aimed to restructure, not only the Sovereign Fund of Angola, but all the funds financed by oil revenues.
Under its restructuring process, the new fund regulations were completed in 2019, with stress to the investment policy, the organic statute and the management regulations, procedures that allowed the repeal of the previous documents.
Also as part of this process and, according to Alcides José, the investment policy used by the fund was revoked, as it had expired after two years of validity.
This policy provided for installations in the form of management which were specific to the period of implementation and which could not continue during another period of operation.
Source: Angola Press News Agency