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IMF Alternate Executive Director Visits Luanda
ANIP NEWS, 19.07.2005

Peter Gakunu, Alternate Executive Director for Africa at the International Monetary Fund (IMF), visited Luanda this week to meet with government officials about reconstruction and development and Angola’s macro-economic stabilization program. While in Angola, Mr. Gakunu met with Finance Minister, Jose Pedro de Morais, Deputy Prime Minister Aguinaldo Jaime, and the Governor of the Angolan National Bank Amadeu Mauricio. Mr. Gakunu applauded the “steadfast commitment” of the Angolan government in its efforts to stabilize monetary policy and the exchange rate, curb inflation, restore fiscal discipline and improve transparency in public accounts. “We have acknowledged that significant progress has been made on all fronts, but more needs to be done to sustain the momentum,” he noted.

In order to sustain the momentum, Angolan officials expressed their interest in working with the IMF on a program that would recognize the work the Angolan government is already undertaking to restructure the economy rather than negotiate a new program. The Angolan government’s position is that a “homegrown” program should be the basis of discussions with the IMF rather than an external predetermined Staff Monitoring Program that does not take into account Angola’s economic and social situations. Angola’s Poverty Reduction Strategy Paper (PRSP), once completed, could form the basis of this alternative “homegrown” plan. In this way an IMF-monitored program would have as its basis economic goals and priorities as defined by the Angolan government. Angolan officials will discuss practical modalities of establishing such a program during IMF/World Bank meetings in September.

ANIP NEWS

Press-center of Angola Embassy in Russia
19.07.2005

Embassy of Republic of Angola, 2005