Luanda - Angola obtained last Thursday from the United Nations (UN) the postponement, until 2024, of its graduation from Low Income Country (LIC) to Middle Income Country (MIC).
The extension of the transition period by three years was decided by the UN General Assembly, through a resolution adopted by consensus of the member states, with countries such as the United States of America and the European Union reiterating support for Angola.
Angola's category increase was scheduled for February 2021, but was postponed to allow the country's economic recovery.
The decision came as a result of intense negotiations at the UN in New York, with a strong commitment of the Angolan diplomacy.
The UN took into account the fact that Angola, an oil dependent country, remains “highly vulnerable” to the fluctuation of its price and faces a recurring economic recession, for six consecutive years.
In its resolution, the UN emphasizes the importance of the Government of Angola to accelerate economic diversification, with a view to reducing the negative impact caused to the main economic indicators and safeguarding the reduction of social vulnerabilities.
The UN says it notes with great concern the reduction in revenues, resulting from the fall in the oil and gas prices, and the negative impact on the vulnerable economy of Angola caused by the global crisis triggered by the corona-virus pandemic (Covid-19), which has further disturbed the country's progress and sustainable development.
It also expresses “deep concern” with the long lasting economic recession that Angola has been facing and with its socio-economic vulnerabilities exacerbated by the global crisis triggered by Covid-19.
The 193 member states of the UN General Assembly reiterate their invitation to Angola to prepare, in the three additional years between the adoption of this resolution and the next graduation, its National Smooth Transition Strategy, with the support from the United Nations system and bilateral, regional and multilateral partnership.
Angola's graduation was scheduled for February 2021 and was approved through a resolution adopted by the General Assembly on 12 February 2016.
During the transition, the country is preparing for the new stage, continuing to receive technical assistance and to benefit from advantages linked to the current status.
The graduation criteria are three, namely, Average Income, Human Assets and Economic Vulnerability.
