Tue, 31 Dec 2019 13:16 - Updated Tue, 31 Dec 2019 13:16
Government's programmes leverage domestic output
Luanda - Angolan government implemented in 2019 an economic programme that promises to leverage domestic production and boost economic diversification at a time when the country is seeking efficient solutions to recover from the financial crisis, which began in 2014.
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Moxico: Machines for agricultural works in Camaiangala farm.
Photo: David Dias
The Credit Support Programme (PAC) was created last February to bolster the implementation of the National Production, Export Diversification and Export Substitution Programme (PRODESI) in progress since 2018.
The two programmes replace the extinct Angola Investe (launched in 2011), and focus on large-scale domestic production of 54 goods to save expenditures of foreign currency, reduced imports and promote exports.
The PAC comes to support the financial component of PRODESI, whose purpose is to reduce imports of various goods to Angola, which spends over five billion dollars annually on the purchase of goods produced on a small scale.
On average, Angola spends 250 million of US dollars month to import food, a figure that the government wants to change with PRODESI.
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