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Angolan economy undergoes adjustment process

     Economy              
  • Luanda • Wednesday, 19 June de 2024 | 17h49
Ministro de Estado para a Coordenação Económica, José de Lima Massano
Ministro de Estado para a Coordenação Económica, José de Lima Massano
Domingos Cardoso - ANGOP

Luanda – The Angolan economy is currently undergoing an adjustment process, with a view to diversifying sources of income and reducing vulnerability to fluctuations in the price of oil on the international market, the Minister of State for Economic Coordination, José de Lima Massano said Wednesday.

In an interview to the public daily newspaper Jornal de Angola, the minister recalled that the oil sector is responsible for 60% of tax revenues for the Single Treasury Account (CUT) and represents 95% of the country's foreign exchange revenue.

Given this scenario, the minister said, the Angolan government is committed to transforming the country's economic structure, which has depended on the oil sector for decades.

The minister added that economic diversification is a long, however necessary path, through the implementation of macroeconomic reforms defined in the National Development Plan.

José Massano recognized that business initiatives in the areas of food production, logistics, manufacturing and mining exploration are beginning to show promising results.

According to the minister, local companies are gaining size and competitiveness, highlighting a more promising period for the Angolan economy, a scenario of economic transformation that strengthens the private sector and creates new opportunities for employment and social development in Angola.

The minister also highlighted that investments in infrastructure, institutional training and, above all, the development of human capital are among the essential pillars to promote sustainable economic growth. OPF/QCB/TED/AMP

 

 

 





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