World Bank foresees more economic improvements in Angola

 

Luanda – The World Bank (WB) foresees macroeconomic improvements at short term in Angola, stimulated by the rise in crude-oil price in the international market and the gradual recovery from the Covid-19 pandemic.

The World Bank report states that, in global terms, the macroeconomic reforms being effected by President João Lourenço are already yielding positive results.

 

Such results, reads the report, are visible in the non-oil economic activity, with a growth of 41 per cent in exports, in 2021. 

 

The oil sector, in Angola, represented a third of the Gross Domestic Product (GDP) and about 95 per cent of its exports.

 

It goes on to mention that in the past few years, macroeconomic balance supported by political stability has been safeguarded through a more flexible exchange rate regime, adequate monetary policy, fiscal prudence, and the rescheduling of the country’s debt with the main bilateral creditors.

 

In the ambit of the reforms, the WB highlights, in the economic field, the measures taken since 2017, which include the Law on Prevention and Combat to Money Laundering, Fiscal Responsibility Law, and the Law on Privatisations.

 

The document also mentions the financial regulations that have been taking place, coupled with the approval of a new Law on Financial Institutions, passed in May last year. The Central Bank (BNA)’s Organic Law was also underscored in the report, since a new legal tool was approved in 2021 which strengthened the institution’s autonomy.

 

The World Bank also commends the fact that the government instituted One-Stop Shops for Investors, aimed at improving the doing business environment.

 

In the political arena, the highlight went to the political stability which the country has been enjoying since the end of the civil war in the year 2002.

 

Such stability improves the near future prospects for the country, especially considering that Angolans are preparing for the general elections scheduled to happen in August this year.