Stephen Bailey-Smith is part of the entourage of potential non-resident investors who traveled to Angola, at the invitation of Standard Bank, in a 'roadshow' to understand the dynamics of the Angolan market.
In a meeting with the media, the senior economist at Global Evolution, an investment management company founded in 2007, specializing in emerging markets, considered that the change in monetary policy "is important, but it is even more important if we continue to maintain these reforms when the price of oil also drops".
"I think that the liberalization of the foreign exchange market is very important for the development of the economy and the reduction of the inflation rate to single digits is equally important", he said.
The senior economist at Global Evolution stressed that in the meetings held, on Tuesday, with Angolan government officials, especially with the governor of the National Bank of Angola, "the message was a commitment to stabilizing the foreign exchange market and inflation".
"And the reforms that the government has made could help to stabilize," said the senior economist at Global Evolution, which manages a fund of around 15 billion dollars.
According to Stephen Baileiy-Smith, Angola has a "more than significant" weight for allocation in this fund.
"It's my return to Angola seven years later, the fund I represent already has some experience in transacting with the Angolan market, for more than ten years and it's a rule to visit countries before proceeding with investments", he underlined.
According to the senior economist, Angola has gone through a transition process in recent years, which puts the country in a better position than in the past and is currently supported by the price of oil.
"And after the program of the International Monetary Fund, I think that the Angolan economy will need investors like us to support this development and the funds, including mine, want to assist and help the Government in this sense", he said.
"We have been investing in Eurobonds for many years and have had some interest in investing in local treasury bonds, we are very excited to have the opportunity to trade in this local market now," he added.
Stephen Baileiy-Smith is of the opinion that Angola "will be one of the largest markets for securities, investments and bonds" in the near future, stressing that the fund is only interested in public debt instruments traded on the market.
Global Evolution is known for its innovative approach to investing in emerging and frontier markets, and is currently one of the most recognized experts and pioneers in this market segment.
