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02 Dec 2006 09:54
The World Bank has said that Angola needs to make the full transition from a centralised economy to a free market and better manage its spending.
The World Bank also warned Angola needed a clear strategy for managing its oil and diamond resources through “healthy and transparent governance”.
Angola-based World Bank official Francisco Carneira said the Southern African nation needed to resolve macroeconomic deficiencies.
“Angola must develop a combination of economic policies based on better management of public expenditure,” Carneira said, presenting the bank’s latest report on Angola.
The government responded to the report by saying that it was the master of its own economic matters.
“The World Bank’s vision does not necessarily match the Angolan government,” vice-minister for planning Carlos Alberto Lopes said.
Angola is the largest sub-Saharan oil producer in Africa after Nigeria. The country’s crude production has climbed to around 1,4-million barrels a day but is expected to reach two million barrels a day by April 2007.
Angola produces almost $1-billion worth of diamonds annually.
About half of the country’s gross domestic product, as well as 90% of its exports comes from oil production and its supporting activities.
Last year, Angola’s economy grew 19% to $24,35-billion on the back of increased production and rising oil prices.
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