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Sat, 26 Sep 2020 14:30 - Updated Sat, 26 Sep 2020 14:29

Increased production, privatisation top three years of governance

Luanda - The increase in domestic production of goods and services, the reduction of the excessive weight of the state in the economy and the stabilisation of the country's monetary and foreign exchange market dominated the first three years of President João Lourenço's governance in the economic field.

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The reforms were pointed by João Lourenço as priorities for his five-year term of office, which began on 26 September 2017, and are aimed at macroeconomic stabilisation and improving the business environment.

Within this framework, the law on private investment was altered, a legal document was approved that regulates competition, the processes of setting up companies were simplified and initiatives were taken to change the country's economic structure, which is markedly dependent on the extractive sector, which generates more than 90 percent of the foreign exchange that Angola needs.

João Lourenço inherited from his predecessor a weak economic structure, fundamentally dependent on oil, a situation that places the country in permanent vulnerability, due to fluctuations in the price of crude oil.

The National Production, Export Diversification and Import Substitution Programmes (PRODESI), in 2018, and the Credit Support Programme (PAC), in 2019, were set up to change this situation with the aim of stimulating producers to produce 54 products.

Among the 54 products, wheat, maize and pumpkin flour, pineapple, sugar, beans, eggs, cooking oil and pasta, onions, salt, maize, milk, cassava, mango, honey, table water, cement, steel rod, detergents, disposable nappies, napkins, toilet paper, kitchen paper rolls, bleach and glass packaging.

The domestic production of these goods is intended to reduce dependence on the outside and avoid the unnecessary outflow of foreign exchange, which can be channelled into the import of capital goods and equipment to support the productive sector.

As part of the PAC, the National Bank of Angola (BNA) approved, in 2019, the terms and conditions for granting credit to the real sector of the economy, which set total financial charges, including interest and commissions of up to 7.5 percent per year for 13 production sectors, which cover the 54 products.

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