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The International Monetary Fund (IMF) has expressed its commitment to supporting Angola in implementing the Financial Action Task Force (FATF) plan to combat money laundering starting in 2025. This announcement follows FATF’s October 25 decision to place Angola under increased monitoring, highlighting the need for enhanced financial oversight.
Victor Lledo, IMF’s resident representative in Angola emphasised that the IMF’s support will extend to capacity building, particularly in areas like macroeconomic statistics, inflation forecasting, tax administration reforms, and treasury management. Angola has already benefited significantly from IMF training, which has bolstered its fiscal and monetary frameworks.
Regarding the regional economic outlook, the IMF report highlights Angola’s considerable progress in reducing its debt ratio since 2021, driven by effective fiscal reforms under the IMF programme. Additionally, Angola’s growth is expected to accelerate this year due to the resumption of normal oil production levels, complemented by gains in agriculture and services. However, Lledo acknowledged ongoing challenges, such as persistent double-digit inflation in many sub-Saharan countries and slow regional growth, which limits per capita income improvements.
The IMF report also projects a modest economic recovery in sub-Saharan Africa, with regional growth anticipated to rise from 3.6% in 2024 to 4.2% by 2025. While Angola’s outlook is bolstered by diverse sector contributions, Lledo stressed the need for structural reforms across the region to address unsustainable debt levels and macroeconomic imbalances.
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Victor Lledo outlined these intentions during the presentation of the report ‘Regional Economic Prospects in Sub-Saharan Africa: Reforms in a Context of High Expectations’. The ceremony in Luanda, hosted in collaboration with the National Bank of Angola, brought together key stakeholders, including government officials, diplomats, and academics, to discuss these critical issues.
