"In Angola, we expect growth of 3 percent for this year and around 4 percent in the medium term, but more than the destination point, what we are seeing is the trend, the country is leaving a period incredibly difficult," Abebe Aemro Selassie said in an interview with Lusa via videoconference from Washington.
"Angola has been hit by multiple shocks, first the decline in raw material prices in 2015 and 2016, which had huge effects on the economy, and when they responded to that came the pandemic, which had an incredibly adverse effect on the economy," added the director of the IMF's African department.
"Finally we are seeing an economic expansion, it is very, very important and encouraging, because it is a reflection of the measures that the government has taken to reform the country and control macroeconomic imbalances", said Selassie.
The Angolan economy is expected to have emerged from recession last year, forecasting growth of close to 0 percent, with the main international institutions and analysts predicting an economic expansion of more than 2 percent this year, supported not only by the recovery in oil prices , but also in the growth of the non-oil economy, as a result of the ongoing economic diversification.
Asked whether, after the end of the 4.5 billion dollars financial adjustment program that ended in December, the IMF and the Angolan government will agree on a new program, Selassie replied that it was still early days, but he was willing to whatever the authorities need.
"We haven't discussed a new program yet, we have the usual debate with exchange of ideas and analysis on economic indicators, but we are still waiting for the government to say how it wants to do it, but it's too early, the program is over now, adversity of the shocks they have faced, they have made a remarkable effort to deal with the imbalances and it is very encouraging to see growth this year, but the key for the future will be to maintain reforms and economic expansion, and we will support them in whatever way they choose", he responded.
In the interview, Selassie praised the commitment of the Angolan authorities in the implementation of the program, but stressed that uncertainty is the watchword in pandemic times.
"Given the scale of the shocks, they have done a tremendous job to keep the economy going and get here, but there are many issues, the restrictive policy of central banks, there could be turmoil in the markets, there could be another variant, so success, yes, but the course must be maintained and the ultimate objective is to raise the growth rate to 6 or 7 percent and deal with the recent scars", said the economist, concluding that "this is the agenda to which the Angolan authorities are giving priority, and are challenges shared by many other African countries".
