"The World Bank's Board of Directors approved a 700 million dollar Policy Development Operation to continue supporting the Government of Angola in social and financial inclusion and to strengthen the country's institutional and macro-financial environment in order to that leads to private sector-led growth, "reads a statement sent to Lusa this evening.
Since 2015, says the World Bank, "Angola has been in an economic and financial crisis due to the loss of tax revenue, especially from oil, and limited financing options", which has led to the budgetary margin to cope with the covid pandemic. -19 has been "constrained by limited budgetary space".
In addition to stating that the $ 700 million will be "to finance support for the response to the pandemic and its economic consequences", the World Bank statement also underlines that "this operation supports the Government's structural reform agenda, which has become even more urgent as a result of the pandemic and will create the conditions for a stronger economic recovery in the coming years ".
This operation, commented the Bank's director in Angola, Jean-Christophe Carret, "reaffirms the World Bank's confidence in the ongoing economic reforms aimed at boosting the economy and focuses, in parallel, on crucial macro-financial reforms and inclusion for ensure that the poorest and most vulnerable are protected ".
The operation, concludes in the statement, focuses on two pillars, the first focusing on financial issues, "including a focus on strengthening debt management and natural resources with a view to fiscal sustainability", and the second centering support the most disadvantaged.
