ECA pledges practical support to Angola’s economic reform

Angola prThe UN Economic Commission for Africa (ECA) has established three work streams to support Angola on its sustainable development trajectory and macroeconomic reform agenda

A series of high-level talks with Angolan authorities culminated with discussions at the Presidential palace in which four main areas of cooperation were agreed.

These include supporting Angola restore macroeconomic stability and diversify its economy within the context of the country’s National Development Plan 2018-2022, improving public debt management, increasing the share of renewable energy in the country’s energy mix and capitalising on the opportunities of the African Continental Free Trade Area (AfCFTA).

President João Lourenço’s reform agenda comprises a series of measures to render Angola’s economy more diversified and less oil-dependent – including a demarche to restructure inefficient state corporations, strengthen the country’s fiscal sustainability, reduce inflation, improve overall macroeconomic fundamentals, foster social inclusion, stem corruption and improve the business environment to stimulate foreign and local investments.

Assuring President João Lourenço, ECA’s Vera Songwe said, “ECA is ready to work with you in your efforts to improve domestic resource mobilisation, debt management and crowding in the private sector.”

“We hope that Angola will be part of the community of African nations which would have ratified the AfCFTA when we meet in Niamey, next July,” she added.

She acknowledged the positive steps Angola had already taken to broaden its tax base while making a call for serious work towards improving public debt management including the use of local-currency-denominated debt.

Analysts have estimated Angola’s public debt burden to be as high as 60 per cent of its GDP.

Songwe suggested to Angolan authorities to embrace the digital economy, including Fintech as a means to explore the creative potential of the youth and generate jobs in the service and other sectors.

She noted that the continental trade agreement was an investment opportunity for Angola to build a diversified and competitive economy and that Angola should use it as an opportunity to fast-track its horizontal and vertical economic diversification program. Accordingly, ECA will work with Angola to formulate national AfCFTA strategies.

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