”No thanks” to IMF from oil-booming Angola

Angola’s Finance Minister Jose Pedro de Morais has told the local representative of the International Monetary Fund (IMF) that his country is no longer in need of the Fund’s services, including its monitoring of the economy. The announcement comes as Angola booms stronger than any other African country and doubling oil exports give the Luanda government greater self-confidence.
According to the ‘Journal de Angola’, Minister Morais’ letter said that following further IMF guidelines and programmes “will not help Angola to preserve the economic and social stability it has gained so far.” The letter added that the government felt it was successful on its own when it came to establishing macroeconomic stability and deplored the “restrictive conditions” given by the IMF.

The country still has made little democratic progress, corruption is known to be widespread even political circles and the population has little information on how oil revenues are spent. While the economy is booming, a large majority of Angolans still live in utmost poverty.

Afrol News