NATIONAL BANK OF ANGOLA: Presentation of the Report on the Regional Economic Prospects of Sub-Saharan Africa: recovery in a context of high uncertainty

National Bank of Angola issued the following announcement on May 9.

The National Bank of Angola, in partnership with the International Monetary Fund, presented the report on the Regional Economic Prospects for Sub-Saharan Africa of the IMF on Thursday, May 9. The event featured a chapter on regional perspectives and another on the prospects and benefits of trade integration on the African continent.

It was incumbent upon the Governor of the BNA, José de Lima Massano, to initiate the act by highlighting the partnership with the International Monetary Fund for the third consecutive year in the presentation of this Report. José de Lima Massano highlighted the importance of this Report to economists and students of economics, emphasizing the approach of the themes closest to our reality and with possible impact on the Angolan economy.

Max Alier, IMF representative in Angola, presented the Regional Economic Prospects for the double recovery in a context of high uncertainty and the African Continental Free Trade Area.

In these two presentations it became clear that "aggregate growth prospects for the year 2019 are around 3.5%, while in the medium term this growth is estimated to stabilize at 4%, excluding the two largest economies in the region , Nigeria and South Africa, producers of mineral and energy resources. "

As far as the Continental African Free Trade Area is decisive for the continent, the conclusions suggest that in addition to tariff reductions, policy efforts to boost regional trade should focus on reforms to address country-specific non-tariff bottlenecks, and should governments to facilitate the reallocation of labor and capital between sectors (eg active labor market programs such as training and job search assistance, measures to improve competitiveness and productivity) and (social security and income support programs) to alleviate temporary adverse effects on the most vulnerable populations.

The closing notes of the event were delivered by Minister of Finance Archer Mangueira, who considered the optimistic prospects for the recovery of Africa-Sub-Saharan economic growth for 2019 to be very encouraging, despite the constant challenges that the region is facing.  

He added that "the Executive is aware of the crucial importance of public finance sustainability as a mandatory condition to leverage the economy and promote sustainable growth and has joined the IMF's Expanded Funding program in 2018."

Finally, the Minister said that "this partnership with the IMF has driven the implementation of measures to consolidate public finances and reforms of the real sector of the economy in order to improve the business environment and energize the private sector."

The event was held in the Saidy Mingas Auditorium of the Moeda Museum, with the comments and moderation of the economist Carlos Rosado de Carvalho and with the participation of the Directors, members of the BNA Board of Directors and Technicians, representatives of commercial banks, business associations, economists and students of Economics of the public university and private universities.

Original source can be found here.