Angola’s Dos Santos says focusing on inflation control, revenue growth

The slide in global crude prices in the last 3 years has constrained growth and put state finances under pressure in Africa’s second-biggest crude producer.

FILE: Angolan President Jose Eduardo dos Santos. Picture: AFP.

LUANDA - Angola is focusing on controlling consumer price inflation and diversifying its revenues sources to reduce its dependence on oil amid a slump in commodity prices, President Jose Eduardo dos Santos said on Friday.

The slide in global crude prices in the last three years has constrained growth and put state finances under pressure in Africa’s second-biggest crude producer.

On the other hand, inflation has been soaring, climbing above 40 percent last year and still above 35 percent in March.

Dos Santos acknowledged the economic woes facing the country, saying the government was addressing them.

“We are giving particular attention to inflation control, the stabilisation of the foreign reserves and to the acceleration of processes that lead to a diversification of fiscal revenue,” he said on the sidelines of a ruling party meeting.

The International Monetary Fund has urged Angola to more forcefully address its dependence on oil and diversify the economy.