Luanda - The resident representative of the International Monetary Fund (IMF) in Angola, Victor Lledo, said Thursday in Luanda that the IMF intends to support the country in its efforts to implement the Financial Action Task Force (FATF) plan to combat money laundering from 2025.
The intention comes almost a month after the FATF Plenary decided on October 25 in Paris (France) to include Angola on the list of countries under increased monitoring.
According to Victor Lledo, who was speaking during the presentation ceremony of the IMF report on “Regional economic prospects in sub-Saharan Africa: Reforms in a context of high expectations”, the institution's support will also be aimed at training staff to improve Angola's macroeconomic statistics.
The IMF representative recalled that the country has benefited intensively from the training services by the international institution, with emphasis on cash and treasury management, inflation forecasting models, modernization of the General Tax Administration (AGT), income tax reform, among other actions.
As regards to the report on the regional economic outlook for sub-Saharan Africa, the IMF official highlighted the narrowing of macroeconomic imbalances and significant fiscal consolidation, as a result of policy adjustments in the region.
Referring specifically to Angola, Victor Lledo highlighted the fact that the country has been significantly reducing its debt ratio since 2021, as a result of the fiscal efforts undertaken during the IMF program.
As for inflation, he pointed out that the report indicates an increase in the receptiveness of monetary policy in difficult circumstances in the region and, as a result, there has been a decrease in most countries, within the margin adopted as a target.
Despite this progress, Victor Lledo continued, inflation remains in double digits in almost a third of sub-Saharan African countries.
The region's growth outlook for this year is expected to be 3.6 percent, albeit limited and uneven between countries. By 2025, economic activity is expected to register a moderate increase of 4.2 percent, with inflation on a downward path.
For Angola, he pointed out that growth is expected to accelerate this year, thanks to the return of normal oil production levels, along with the contribution of the agriculture and services sectors.
However, he noted that a large number of sub-Saharan African countries still need to reduce macroeconomic imbalances, and in some where debt is unsustainable, restructuring will be inevitable.
Victor Duarte Lledo pointed out that, in general, regional growth remains slow and per capita income is still insufficient to significantly improve citizens' living conditions and achieve convergence with income levels in the rest of the world.
Held in partnership with the National Bank of Angola (BNA), the ceremony to present the IMF report was attended by several Angolan officials and representatives of the diplomatic corps and academics.
The last IMF report on sub-Saharan Africa was presented in April this year. ACC/QCB/AMP
