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Economy

Carlos Rosado de Carvalho: debt relief is positive, but it remains to be seen how the payment will be made

Debt restructuring alleviates pressure on national accounts, but "this loan must be paid" and it is not known exactly under what conditions, said economist Carlos Rosado de Carvalho, showing concern about the debt to China.

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Finance Minister Vera Daves announced on Friday that the debt renegotiation, inside and outside the G20, saves US $ 6 billion by 2023 and added that the main creditor is China, to whom Angola owes 20, 1 billion dollars.

For Carlos Rosado de Carvalho, this is a welcome relief, but he stressed that the problem of debt repayment is only being postponed.
"It is a relief, yes, it would not be possible to execute the budget without this restructuring, but it is not known what this moratorium is about. Are payments suspended? Are you going to accrue interest? You need to know why this is in practice a loan", he observed.

In reality, "it is not a saving, it is a debt suspension that will have to be paid later and we do not know details", especially with regard to China.

"With China it is not known how the payments will be made," said the economist, adding that the details of the agreement with the International Monetary Fund, which announced on Wednesday the disbursement of another billion dollars should be known in the coming years. days.

The journalist and university professor also pointed out that the positive outcome of the IMF's third assessment of the financial assistance program for Angola translates into a very important message, that "the debt is sustainable, to the point of lending more money.

On the Chinese side, "opacity" dominates in the agreements. "The problem is the Chinese loans and the opacity around it all. With the IMF we will soon know what has changed, we know that by lending more money we expect reforms, but with the Chinese we do not know what they demanded, what are the counterparts, if assets were demanded, for example ", he justified.

And if the fact that the amount of debt to China is positive is known, the lack of knowledge about the moratorium conditions worries Carlos Rosado. "I have doubts. Because we don't know the conditions, we don't know what the counterparts are," he insisted.

At a press conference in Luanda on Friday, Vera Daves, stressed that Angola is "on the right track" and that the public debt, "despite being subject to great pressure, remains sustainable", bringing "tranquility in the medium and long term" deadline".

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