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Informal economy generates between USD 43, 64 billion

Tue, 27 Oct 2020 14:13 - Updated Tue, 27 Oct 2020 14:13

Angola committed to formalising economic activity Photo: Morais Silva

Luanda - Informal economic operators generate annually between USD 43 and USD 64 billion, announced the Minister of Economy and Planning on Monday.

Releasing its strategic plan for the transition of the informal economy until 2025, the sector put at 72.6 percent the operators of the informal economy.

The informal economy in Angola represents an excessive weight, standing around 40 to 60% of the GDP, with stress to agriculture, trade, fisheries, provision of services and industrial sector.  

The strategic plan for 2020/2025 was presented during a videoconference and is aimed at contributing to economic and social growth.

It also promotes decent work and help reduce poverty and integrate over 13 million of economically active population.  

The strategic transition lays down a practicable and adequate approach, accordingly with the Angolan economy and based on the reduction of deficiencies and vulnerabilities of informal work and the heavy labour market. 

The plan is also intended to improve the employment indicators, poverty rate reduction, improve the families life quality, the business environment and reduction of informal rate. 

The plan includes also public initiatives of high impact for the transition of the informal to formal economy, reforms of the laws, regulations and administrative processes to promote and expand the registration and licensing of economic units, quickly integrating the operation of a business environment favorable to micro, small and medium-sized companies.   

Presented by the national director for Population Policies of Ministry of Economy and Planning, Adriano Celso Borja, the document contains, among immediate measures for transition, the creation of business and firms that will provide the proximity services.

The plan covers the creation of teams for providing services that will be created in some institutions like SIACs, BUE, Balcão do Cidadão, Inapem, EDAs, in addition to mobile brigades and other facilities.