Download Angola: Oil, Broad-based Growth, and Equity by World Bank PDF

By World Bank

ISBN-10: 0821371029

ISBN-13: 9780821371022

ISBN-10: 0821371037

ISBN-13: 9780821371039

As soon as one of many world's biggest staple nutrients manufacturers, Angola is referred to now as a tremendous oil exporter - the second one biggest 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 turn into one of many best international diamond manufacturers. as well as oil and diamonds, the rustic is easily endowed with agricultural assets which stay normally untapped. despite the fact that, regardless of the country's major typical wealth, a chronic civil conflict, the quick improvement of the oil quarter, and the regulations pursued after Independence in 1975 have left the Angolan economic climate in a distinct state of affairs, characterised by means of very asymmetric symptoms of improvement. The Angolan financial system is now experiencing monstrous oil providence earnings which are anticipated to final through the subsequent decade. given that oil rents are to a wide half focused within the public quarter, the query of the way the oil profit could be spent and disbursed throughout current and destiny generations turns into key to any fiscal improvement approach. This examine identifies six center parts the place a strategic process for the advance of a broad-based progress approach is needed: (i) the unfinished transition to a industry economic climate; (ii) macroeconomic administration; (iii) governance and transparency within the administration of the mineral wealth; (iv) the company setting; (v) agriculture; and (vi) public provider supply to the terrible.

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Additional resources for Angola: Oil, Broad-based Growth, and Equity

Sample text

Strengthen technical capacity in DNI. Build or transfer capacity to MOP. Resolve salary issue. Take notice and act according with the auditors’ recommendations. This will allow a comparison of payments made by industry and revenues received by the federal and provincial governments. Audit revenues received by MOF, Cabinda and Zaire; include Sonangol, and clear arrears. Add audit results. Improve accessibility of website. Consider broader media publication. Sonangol to provide data directly to MOF.

The business environment in the country is one of the least favorable in the world. If the authorities want to promote a broad-based economic recovery of the country, with more jobs and higher incomes for the average Angolan, then pro-business measures that can enable companies to compete more effectively in an open economy need to be implemented fast and social programs targeting the most vulnerable population and insulating them from adjustment costs should be put in place. Otherwise, the Angolan economy will continue to be highly dependent on mineral resource exploitation and the majority of the population will continue untouched by the mineral wealth.

In the rankings established by Transparency International’s widely referenced Corruption Perceptions Index, petroleum exporting developing countries find themselves in the bottom one third of the countries listed. Angola’s rank in the most recent release of the CPI was 151, number nine from the bottom. This is a particularly serious finding because corruption is recognized as one of the largest single inhibiting factors to private sector investment and growth. 4. 4% (UNAIDS 2004). 2. Curbing Inflation (Angola: Year on Year Inflation Rate) 450 400 350 300 250 200 150 100 50 Sep-05 Jun-05 Mar-05 Dec-04 Jun-04 Sep-04 Mar-04 Dec-03 Jun-03 Sep-03 Mar-03 Dec-02 Jun-02 Sep-02 Mar-02 Dec-01 Jun-01 Sep-01 Mar-01 Dec-00 Jun-00 Sep-00 0 Macroeconomic Reform Agenda Tangible Progress and Promising Opportunities More recently, government’s efforts to reduce inflation have been successful.

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