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José Eduardo dos Santos delivers "management" of exports to vice-PR

The Angolan head of State, José Eduardo dos Santos, handed over to the Vice President of the Republic, Manuel Vicente, the coordination of the working group to execute the strategy for diversification and increase of exports, which also includes eight ministers.

The decision consists of an order signed by José Eduardo dos Santos, to which Lusa has had access today, and which states that the working group is still "supported by a dynamic group" of the process, coordinated by the Minister of Finance and with the participation of the 'six banking institutions elected to carry out foreign exchange transactions'.

Since the end of 2014, Angola has experienced a deep financial and economic crisis, with foreign exchange consequences due to the drop in oil export revenues, and has launched a strategy for increasing national production, through agriculture and diversifying exports and reducing imports.

The working group led by the Angolan vice-president was created by presidential dispatch on July 11, just over a month of the general election in Angola, which does not compete José Eduardo dos Santos, while Manuel Vicente only integrates the list of MPLA , Party in power since 1975, to deputy.

Nevertheless, this group, which should meet once a month, has as its mission "to ensure that foreign exchange availabilities are effectively allocated to the activities of exportable products" and to "identify" Angolan products with export potential, as well as major constraints to the placement of domestic products on potential international markets', among other responsibilities.

Last March, the Angolan press reported that the National Bank of Angola (BNA) would deliver to a group of six banks, out of 28 to operate in the country, 80% of the currencies to be placed on the primary market. The list included Banco Angolano de Investimentos (BAI), BIC, Banco Económico, Banco Millennium Atlântico, Banco de Negócios Internacional (BNI) and Banco Sol.

The document confirms this measure, noting that the "revitalizing group" that will support the working group led by Manuel Vicente, also includes the Ministers of Commerce and Economy, the governor of the BNA and the representatives of the six banks responsible for carrying out the operations exchange rates.

Angola achieved the title of Africa's largest producer of crude oil in 2016, with more than 1.7 million barrels of oil per day, but the backlog of oil revenues fell to half before 2014, before the crisis.



Luanda, 25. Juli 2017
Lusa

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