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Sun, 20 Sep 2020 14:13 - Updated Sun, 20 Sep 2020 14:12

Public accounts to balance in medium term - State minister

Luanda - The Minister of State for Economic Coordination, Manuel Nunes Júnior, Friday said that there were objective conditions that will lead to a medium-term balance of the country's public accounts.

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State minister for Economic Coordination, Manuel Nunes Júnior

There are reasons to successfully carry out the complex and historic mission, to change the current economic structure of Angola in definitive terms," he added at a press conference of the government's economic team.

He said that the Angolan government had been implementing, since 2018, a programme based on the creation of a "true rule of law" and the need to "establish a dynamic and efficient market economy in Angola.

In relation to the first pillar, he said that a country whose law did not apply to all citizens would never create the necessary conditions for growth and prosperity.

"Without the rule of law, opportunities are not equal for everyone and a climate of security is never created that is necessary to attract domestic and foreign investors," he noted. 

He stressed that trust in institutions is an essential factor for the functioning of modern economies". Where there is no trust in institutions, there is no investment at the appropriate levels", he concluded. 

Regarding the fight against corruption and impunity, he said that these were fundamental elements for the establishment of a new paradigm of governance in Angola, and important steps have been taken in that direction over the last three years. 

In relation to the second pillar of the programme, related to public finances, he said that important steps had been taken towards fiscal consolidation, which made it possible to achieve a surplus in 2018-2019, the first after the crisis that began in 2014. 

For an economy such as Angola that has not grown since 2016, the minister said, systematic deficits could lead to an unsustainable path for public debt, hence it was important to keep domestic accounts in balance.

On the other hand, he said, the current account for the balance of payments had been in deficit since 2014, had a surplus in 2018 -2019 and Net International Reserves (NIR) had increased in 2019, for the first time since 2013.

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