In its most recent report released in March 2016, OPEP said Africa’s top oil producer, since April 6, 2016, started a visit to IMF seeking for funding for its economic policy.

Amid global oil slump that started in 2015, Angola increased its production from 1.607 M bpd to 1.722 M bpd between February and March 2016. However, this is enough to end the severe crisis that the country experiences.

World’s second most diversified economy behind Iraq, according to PNUD, Angola’s program for structural investment launched in January 2015 need in mid-term $US1.5 billion. $1.1 billion to go to a fund dedicated to industrial and transport sectors. Another $500 million fund will be dedicated to hospitality funding.

These facilities are part of the 2025 Angola strategy. It includes a mid-term National Development Plan from 2013-2017 to promote the economy’s diversification by private sector, support to professional training, fight against food insecurity and development of base infrastructures.

Regarding food security, for example, the country depends greatly on imports. In 2015, according to minister of agriculture, Afonso Pedro Canga, Angola imported $450 million of poultry which equals 360,000 tons of chicken.

To develop cities, various provincial, public and national investment plans have been implemented since 2013 in the water, energy, telecommunication, transport and waste treatment sectors. These are to end in 2020. Also, there is the 2015-2030 Luanda metro plan which aims to turn the capital into a first class economic metropolis in Africa.  

In 2009, Angola signed a $1.4 billion loan agreement with IMF. The loan helped stabilize kwanza, the local currency and contain inflation. Now, according to IMF, inflation rate will reach +19.1% average in 2016 and not come below 10% before 2020. This results from kwanza rapidly depreciating to dollar (18% since January). The phenomenon fuels imported inflation.

Pierre Nka