IMF FOR ANGOLA: $3.7 BLN

IMF - Statement by IMF Managing Director Christine Lagarde at the Conclusion of her Visit to Angola

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today in Luanda at the conclusion of her visit to Angola:

"I wish to thank President Lourenço, State Minister for Economic and Social Development Nunes Junior, Minister of Finance Mangueira, Governor Massano and other senior officials for our productive exchange of views and their warm hospitality during my visit to Luanda. I would also like to express my gratitude to all stakeholders with whom I met, including women leaders.

"Angola has come a long way since the end of the civil war 16 years ago. The oil endowment allowed Angola to rebuild critical infrastructure, and progress has also been achieved in reducing poverty. Still, much remains to be done to reduce the economy's dependence on oil and its vulnerability to oil price fluctuations so that enough resources can be made available to improve living standards for all the Angolan people.

"The Government's Macroeconomic Stabilization Program and National Development Plan for 2018–22 are rightly focused on growth-friendly fiscal consolidation, greater exchange rate flexibility, and structural reforms to boost productivity. In this context, I commended the Government for their determined efforts to reduce the large budget deficit and the Banco Nacional de Angola for an orderly transition to a more flexible exchange rate regime. Progress on domestic revenue mobilization will also be important to help keep government debt on a sustainable path.

"Economic diversification in sectors other than oil is central to the success of the Government's development strategy. Key reforms in this area include improving the business climate, fostering competition in domestic markets, curbing monopolies, and leveling the playing field for foreign direct investment. Just as important is developing a social safety net to protect the most vulnerable and to generate equal opportunities across Angolan society.

"I strongly support the Government's focus on improving governance and combating corruption by strengthening checks and balances and tackling impunity and cronyism. I am also especially pleased that, under the recently approved program supported by the IMF, the Government is committed to improve gender issues.

"Indeed, the program, in the amount of US$3.7 billion, is designed to support the implementation of the authorities' policies by providing substantial resources and policy advice, coupled with technical assistance. With this program, the authorities aim at resuming sustainable economic growth, and improving the social conditions for all in Angola.

"I would like to reiterate the IMF's strong support for Angola and I look forward to continuing our productive partnership.

"Finally, I wish to thank the Angolan people for their generous hospitality and for welcoming me to their beautiful country."

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Earlier: 

2018, November, 12, 12:00:00 TOTAL'S INVESTMENT TO ANGOLA: $16 BLN THE LOCAL FRANCE - Angola and French oil giant Total formally launched a major new offshore oil project Saturday to aid the country's economy that plunged into crisis following oil price dips in 2014.

2018, August, 13, 13:30:00 ANGOLA'S OIL EXPORTS UP TO 1.63 MBD PLATTS - Angola's crude oil exports rebounded to a four-month high of 1.63 mil b/d in June even as the OPEC member struggles to arrest declines at some of its ageing deepwater oil fields, finance ministry data showed.

2018, March, 9, 13:15:00 RUSSIA DISCUSSES AFRICA'S NUCLEAR WNN - Russian Foreign Minister Sergey Lavrov is this week discussing the prospect of closer economic and political ties, including nuclear energy projects, in a number of African countries. Lavrov has so far visited Angola, Namibia, Mozambique and Zimbabwe, and will complete his trip to the region in Ethiopia.

2017, April, 12, 17:30:00 WBG - AFRICA'S ECOMOMIC DIFFICULTIES Nigeria, South Africa, and Angola, the continent’s largest economies, are seeing a rebound from the sharp slowdown in 2016, but the recovery has been slow due to insufficient adjustment to low commodity prices and policy uncertainty. Furthermore, several oil exporters in the Central African Economic and Monetary Community (CEMAC) are facing economic difficulties.

2015, May, 28, 18:15:00 TOTAL FOR ANGOLA: 2 BLN BBL Total has achieved the significant milestone of producing a cumulative two billion barrels from its operated deep offshore Block 17 located 150 km off the coast of Angola. With the recent start up of CLOV, Block 17 has become Total’s most prolific site with production of over 700,000 barrels per day.

2014, April, 16, 18:05:00 ULTRA-DEEP KAOMBO TOTAL TO DEVELOP ULTRA-DEEP KAOMBO PROJECT IN ANGOLA

2014, April, 8, 18:04:00 STATOIL WILL START ANGOLA Statoil to farm down 15% interest in block 39 offshore Angola