Finance minister backs new economic model

Luanda – Angolan Finance Minister Archer Mangueira called Saturday in central Huambo province the need to adopt a new economic model for Angola.

According to a note reached Angop Saturday, Archer Mangueira said so during a lecture on “Fiscal Policy in the Context of a New Normal”.

The minister focused on the current moment characterised by several imbalances.

He said that the imbalances include risk of inflation due to the scarcity of foreign currency resources, fall in oil revenues and the effects on the balance of payments through

indebtedness.

The minister also defended the need to undertake a review on the fiscal policy.

“We need to live without oil.” he said, adding that talking of crisis is to admit that we will continue to depend on the oil.

In order to revert the situation, Archer Mangueira stressed the importance of public investment in infrastructure such as energy.

The minister of Finance has insisted on the need to regard the present and future reality as a “new normal”, which results from the change in the bases of support for our economy.

This change, he said, must be based on macroeconomic stability, sustainable growth and diversification of national production.

Meanwhile, the minister referred to the four objectives of fiscal policy in the context of the new normal.

He pointed out the control of inflation, the diversification of exports, the improvement of the financial conditions of the State and the stability of the financial system.

Archer Mangueira defended a permanent and urgent investment in human capital, in the perspective of knowledge, innovation and entrepreneurship.

The visiting agenda include several meetings, with stress to a technical meeting at the facilities of Huambo Provincial Government.

Archer Mangueira will visit the Dango Thermal Power Station as well as the facilities of the Provincial Finance Branch, as part of visiting programme.

Source: Angola Press News Agency