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Tue, 02 Jan 2018 18:34 - Updated Tue, 02 Jan 2018 18:34

Economic reform marks 100 days of governance

Luanda - The first 100 days of governance of João Lourenço, the third President of the Republic of Angola, were marked by deep economic reforms.

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President João Lourenço implements economic reforms since his inauguration

Photo: Pedro Parente

The activity of the new Head of State, who replaced José Eduardo dos Santos in the leadership of the country after 38 years of governance, had everything a little less monotony.

João Lourenço started his project with the opening of the national agricultural campaign in Huambo province, where he attributed to this sector a strategic importance in the process of diversification of the economy and food security of the country.

Inspired by Deng Xiao Ping (former Chinese leader), the President of the Republic, winner of the General Elections of August 23, 2017, with the MPLA, by absolute majority, pledged to be a reformer to restore the national economy, in a crisis marked since 2014.

He began by approving a Government Interim Plan for a period of six months (October 2017 to March 2018), with fiscal, exchange and monetary measures.

With these measures, it seeks macroeconomic stability to align the national economy with an environment that is referred to as normal, in order to mitigate the adverse effects of the reduction of revenues derived from the drop in the oil price in the international market.

Far from the projections of the International Monetary Fund (IMF) and the International Financial Agencies, it proposed a General State Budget for the 2018 fiscal year higher than that of 2017, with a deficit of 2.9 percent of GDP.

The growth outlook is 4.9 percent. In 2017, GDP growth was 1.1 percent, when in 2016 it was 0.1 percent.

In his first appearance in the National Assembly, in a strong sign of wishing to end the distortions of the economy, the President of the Republic was keen to declare that the unfair competition that existed in the cement sector was not acceptable.

This situation (unfair competition) has increased the price of the product in the country, from 1,200 to 3,500 Kwanzas, when the installed capacity (eight million tons) is higher than the country's needs (6 million tons per year).

To that end, he promised to improve the business environment in Angola, eliminate / reduce market imperfections, such as the monopolies and oligopolies that had been constituted until then, committing to approve a Law on Competition.

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