According to the Minister of Finance, Vera Daves, cited by Angop, along with the credit from the G20, the country still has active debts with other partners. For this reason, the minister explained that the money recovered from the suspension of the G20 credit will be used by the country to pay these partners.
Vera Daves, who was speaking at a press conference on the negotiations with the International Monetary Fund (IMF), also made it known that part of this money will be used in the government's economic programs. According to the holder of the financial portfolio, the Executive will use the money to co-finance these programs.
The government has invited several businessmen, either through public-private partnerships or by encouraging banks to finance projects, to participate in programs that should generate employment and grow the country's economy, she said.
These partnerships aim to help improve the living conditions of the population through job creation, he admitted.
Vera Daves also took the opportunity to point out that the memorandum providing for the suspension of debt payments at the Paris Club has already been signed and indicated that the suspension initiative has already been negotiated with other creditors.
"We cannot go into details because of the confidentiality agreements we have with these creditors but, of course, we always share the estimated savings with these processes. We are totally transparent about that," she said.
As for the IMF, the holder of the Finance Department said that there were no obstacles in the negotiations. The IMF followed Angola's initiatives and concluded that the country has the possibility of paying the debt, she added.
"Analyzed all these factors, exercises and savings, it was concluded that the Angolan debt is sustained," he stressed.
As for Angola's downgrade, the minister explained that Fitch assessed the risk before accessing the IMF decision. Emphasizing that the government has done everything in its power to implement reforms and improve the economy, the minister asked the entities that assess the risk to analyze the decision again, taking into account the IMF's positive assessment.
The country has a debt of about 90 percent of GDP and 60 percent of the General State Budget 2020 (13.5 billion kwanzas). By the end of this year the debt is estimated to reach 123 percent of GDP.
