Video PlayerClose LUANDA, Dec. 10 (Xinhua) -- Angolan government and the International Monetary Fund (IMF) signed on Tuesday a public finance management agreement for the implementation of a technical assistance program in the country. According to Angola's Finance Ministry the three-year duration agreement is financed by the European Commission and managed by the IMF's Tax Affairs Department. It foresees the programming of the macro fiscal framework and improvement of the public investment management. It also encompasses the improvement of public financial management laws, effectiveness of institutions and preparation of a comprehensive and credible policy-based budget. Identifying, monitoring and managing fiscal risks, improving the coverage and quality of fiscal reporting to help monitor public finances are two other pillars embodied in the project. The IMF approved earlier on Thursday the third tranche of 247 million U.S. dollars to Angola from the total of 1.48 billion U.S. … [Read more...] about Angola, IMF sign public finance management agreement
Editor's note: Ehizuelen Michael M. O. is executive director of the Center for Nigerian Studies at the Institute of African Studies, Zhejiang Normal University. The article reflects the author's opinions, and not necessarily the views of CGTN. One key dilemma for African nations who want to build large-scale infrastructure for developmental purposes is financial constraint. Large-scale development projects have been launched in several African nations as an essential part of their long-term development plans to help the continent to achieve the vision set out by African Union's Agenda 2063. However, with low savings and foreign reserves, securing investments for these projects are difficult for most African countries. And the 2014 negative price shock has dramatically reduced African nations' government revenues in the last three to four years. The low price of crude oil between 2014 and 2016 has severely affected the economy of resource-rich African nations such as Angola and Nigeria. … [Read more...] about Can China’s swap formula solve Africa’s loan constraints?