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A new Angola

Last April 6th 2016, the Angolan government has formalized with the International Monetary Fund (IMF), a request to benefit from the Extended Fund Facility (Extended Fund Facility -EFF), consisting of a financial instrument aimed structural reforms aimed at diversifying the economy, strengthening the balance of payments, with the main purpose of strengthening the pillars of sustainability of the Angolan economy.

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Measures to fight the crisis in 2016

As a result of the sharp drop in revenues of the Angolan economy, strongly affected by the decrease in measured price of Brent in the international market, was recently approved by the Government, a set of strategic measures to tackle the economic crisis in the country, with a primary objective of replace oil as the main source of revenue.

In general terms we can say that the new measures sought essentially to ensure a controlled expansion of the deficit and debt, increase funding and improve the efficiency and effectiveness of private investment, create short-term export incentives, increase non-oil tax revenue, increase domestic production of goods to the basket and for export and rationalize public expenditure.

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Increase taxes and Fixed Rates

In order to address the impact of shortage of foreign currency, and the impact that this factor has on the national economy, not only regarding the importation of goods and the devaluation of the Kwanza in relation to the US dollar, the Angolan Government recently adopted a number of measures to, on the one hand, increase tax revenues (so affected by the oil price crisis) and, on the other hand, protect the population from the fluctuation of prices of goods traded in the local market.

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What about the Credit Cards?

After several Angolan banks have enforced restrictions on the use of credit cards out of Angola, the National Bank of Angola announced the creation of financial mechanisms that allow regular use of credit cards abroad.

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2015 Balance and the New Year

To conclude the year of 2015, it should be noted there are some measures that should give a new impetus to the Angolan economy that will allow the country to alleviate the dependence of revenues from oil extraction which, as you know, due to the barrel price fall caused a chain events which hinders the Angolan daily life, such as: slippage in the annual Angolan State Budget that compromises the implementation of structural works, the shortage of dollars on the financial markets which initially prevents the payment of salaries of expatriates who provide services in Angola, the unreasonable fluctuation of the exchange product imports (raw material for industry and other goods) due to hampered payments to foreign suppliers.

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