Luanda - The Angolan government will make available in 2025 a credit line of 15 billion kwanzas for the agricultural sector and a package of sovereign guarantees of 1.46 billion kwanzas to boost national strategic private projects.
This was revealed by the Minister of State for Economic Coordination, José de Lima Massano, in a message published on Monday in the newspaper Economia e Finanças, stating that the government will continue to be determined to implement its economic agenda in an "effective manner", for the sustainable and inclusive development and a significant improvement of the lives of Angolans.
The government is planning "a credit line of 15 billion kwanzas and the provision of a package of sovereign guarantees totaling 1.46 billion kwanzas for private projects of strategic national interest that promote economic diversification, with an emphasis on food security," the minister said.
For the Minister, the country has the necessary conditions and opportunities to promote the production of essential goods for domestic consumption, something increasingly visible in almost all provinces of the country.
According to the Minister, this effort is aimed at gradually reducing external dependence on widely consumed products such as rice, sugar, chicken, cooking oil and powdered milk, among others.
Massano added that the diversification of the national economy is taking place and progressing, thanks to the continuous stimulation of domestic production, with some sectors experiencing above-average growth, emphasizing that this is the path to be followed in order to achieve "sustainable, robust and inclusive" economic development.
José de Lima Massano acknowledged that the oil sector, on which the country still depends for more than 90% of its foreign exchange earnings, will continue to play a crucial role in the national economy, but "our real objective is the robust growth of the non-oil sector.
According to the Minister of State, this change is already a reality, with the Gross Domestic Product (GDP) for the third quarter of 2024 growing by 5.5 percent year-on-year, thanks to the dynamism of the non-oil sector, which grew by around 6.3 percent.
The forecast for 2025 is to consolidate this positive momentum, with GDP growth estimated at over 4 percent, driven by the non-oil sector, which is expected to grow by around 5.15 percent, he said.
As regards to inflation, the Minister emphasized the recent slowdown, highlighting that the government’s efforts to increase domestic production should help reduce inflationary pressures, strengthen the national currency, and stimulate economic growth.
Despite the progress made in the third quarter of 2024, José de Lima Massano recognizes that there is still a long way to go to fully satisfy the aspirations of Angolans.
The determination to transform our economy is stronger today than ever," the minister said.
As for employment, especially for young people, the minister said it remains a strategic priority for the government, which in 2024 created the Angolan National Employment Fund (FUNEA) as part of the National Employment Policy and Strategy.
This fund was created to guarantee financial resources to promote employment integrating graduates and unemployed citizens into the labor market, as well as mitigating existing constraints in this area.
The Minister underscored the need for a continued dialogue with business associations, professionals and other civil society actors in order to develop policies that respond to the real needs of the population.
“This exchange of ideas not only strengthens trust between the executive and society, but also allows decisions to be more inclusive and representative," the minister said.
The government's economic agenda includes 24 measures to stimulate the economy and increase its potential, grouped into areas such as increasing national production, facilitating access to finance for the business sector, simplifying and easing taxes, and improving the business environment. VC/DAN/AMP
