The President of the Angola-Brazil Chamber of Commerce (CCAB), has advocated for the return of the International Monetary Fund (IMF) to Angola to provide assistance with economic reforms and to address the devaluation of the national currency, the kwanza.
Joint Action with IMF for Economic Reforms
In an interview conducted on the eve of Brazilian President Lula da Silva’s visit to Angola, Lima expressed his opinion that joint action with the IMF is needed for the implementation of crucial reforms. He highlighted the importance of urgently reviewing the country’s stabilization plan and suggested that the presence of the IMF could enhance the credibility of Angola’s economy, addressing the factors contributing to the devaluation of the kwanza.
Devaluation of Kwanza Impact
Lima emphasized that the devaluation of the kwanza is a significant challenge affecting not only investors but also the entire population, especially those with lower incomes. He noted that Angola’s economy heavily relies on oil and mentioned that both the fall in oil prices and a decrease in production have resulted in reduced foreign currency reserves, leading to a notable devaluation and escalating inflation.
Seeking Economic Stability and Solutions
Lima’s call for the IMF’s involvement comes as Angola seeks solutions to mitigate the economic impact of these challenges and reinforce the stability of its currency and overall economic environment. As the President of Brazil visits Angola, discussions around economic collaboration and potential solutions are expected to take center stage.
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