Angola has already repaid €176m it owed to Portuguese companies

  • ECO News
  • 8 March 2019

The Angolan minister for economic and social development announced that over half of the amount owed to Portuguese companies has been repaid.

From a total of €280m owed by the Angolan government to several Portuguese companies, the minister for Economic and Social development has guaranteed the state has so far refunded about 60% of that amount. During the Portuguese President’s visit to Angola, the minister also announced that the Angolan government has set certain measures to avoid the accumulation of delayed payments in future businesses.

Angola has already paid back €176m from the total it owes to Portugal, which corresponds to 60% of the total debt to Portuguese companies, which had been certified by the Angolan minister of finance, said the minister for Economic and Social development during the opening of the third Angolan entrepreneurial forum. For Manuel Nunes Júnior, it seems like things will be solved easily, given the speediness in which the process has been progressing.

João Lourenço, the Angolan President, had already noted last Wednesday that Angola’s debt to Portuguese companies was “no taboo”. “The process of certification of these debts is underway. As they get verified, we proceed with the payments”, he added, explaining that each case will be analysed in particular.

Manuel Nunes Júnior, the Angolan minister, also stated during the business forum that the Government is taking steps to avoid similar situations in the future, with the objective of helping Angola reinforce its Rule of Law, where no one is above the law. “Trust in law and institutions has been increasing in Angola,” Angop, an Angolan news source said, adding that the country now lives in a different environment in terms of justice, something that is good for Angolans and foreigners alike.

“The necessary measures are being taken in Angola in order to restore confidence in the market and in our national economy. As is well known, since December 2018, the measures outlined by the Angolan Executive’s Economic and Financial Policy committee have received the technical and financial support of the International Monetary Fund (IMF), within the framework of a broader financing program established between Angola and the IMF, ” Nunes Júnior said.