By World Bank
As soon as one of many world's biggest staple meals manufacturers, Angola is referred to now as a massive oil exporter - the second one greatest manufacturer in sub-Saharan Africa. Angola is additionally the world's fourth biggest manufacturer of tough diamonds by way of worth, with the capability to develop into one of many major international diamond manufacturers. as well as oil and diamonds, the rustic is easily endowed with agricultural assets which stay more often than not untapped. even if, regardless of the country's major common wealth, a chronic civil warfare, the quick improvement of the oil zone, and the guidelines pursued after Independence in 1975 have left the Angolan financial system in a different state of affairs, characterised via very asymmetric symptoms of improvement. The Angolan economic system is now experiencing large oil providence profits which are anticipated to final during the subsequent decade. given that oil rents are to a wide half targeted within the public quarter, the query of the way the oil profit may be spent and allotted throughout current and destiny generations turns into key to any fiscal improvement approach. This research identifies six middle parts the place a strategic technique for the improvement of a broad-based progress method is needed: (i) the unfinished transition to a marketplace economic system; (ii) macroeconomic administration; (iii) governance and transparency within the administration of the mineral wealth; (iv) the company atmosphere; (v) agriculture; and (vi) public provider supply to the bad.
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Extra resources for Angola: Oil, Broad-based Growth, and Equity
Criar uma equipa interministerial para preparar o pacote. Ao preparar o pacote, a equipa deveria ter em conta as áreas seguintes: questões macroeconómicas e ﬁscais; programação de despesas (gastos com a protecção social e de carácter compensatório); e socialização da poupança. Estabelecer um programa de monitorizaçao anual da pobreza e indicadores sociais. Reforçar o Instituto Nacional de Estatística (INE) com melhor capital físico e humano. Poderão ser necessários salários mais altos para atrair pessoal qualiﬁcado.
Partial capture of oil revenues by various ministries or state-owned entities would make it difﬁcult to obtain efﬁcient and sustainable management of the revenues. ■ Transfers to the budget should be based on the agreed savings/expenditure rule. Without clear rules, transfers risk becoming increasingly dependent on short-term economic and political cycles, which would critically undermine the account’s function. ■ The BNA should be designated as the operational (day-to-day) manager for the account.
Angola’s experience with FAS is a very good example of this mode of operation. Mechanisms to automatically consult the poor in regards to decision-making on public investment should be put in place in addition to accountability channels in order to ensure quality control and civic engagement. Executive Summary xlix Using Fiscal Savings to Improve Service Delivery Subsidies to fuel and utility prices should be phased out gradually and the savings redirected to improve the quality of public services and to compensate the poor.