How We Present the News
WORLD NEWS
Positive Trends
Success Stories
Flops
Agriculture
Business
Culture
Education
Government
Health
Science
World Peace
News by
Country
Maharishi in the World Today
Excellence in Action
Consciousness Based Education
Ideal Society
Index
Invincible World
Action for
Achievement
Announcements
WATCH LIVE
Maharishi® Channel
Maharishi TV
Maharishi Darshan Hindi Press Conferences
Maharishi's Press Conferences and Great Global Events
ULTIMATE GIFTS
Maharishi's
Programmes
Maharishi's
Courses
Maharishi's
Publications
Scintillating
Intelligence
Worldwide Links
Transcendental
Meditation
RESEARCH
Album of Events
Celebration
Calendars
Musicmall ♬
Search
|
IMF sees 2012 rebound in Angola economy despite lower oil price
Reuters Translate This Article
17 July 2012
WASHINGTON (Reuters) - Angola's economic prospects this year 'remain favorable' despite a recent easing in global oil prices, the International Monetary Fund said on Monday, and called on the government to improve the transparency of how it manages its oil profits.
'The pace of economic activity is expected to accelerate, with overall growth close to 7 percent as oil production rebounds,' the IMF said in its annual review of the Angolan economy.
More specifically, the IMF forecast that growth in Africa's second-largest oil producer will increase to 6.8 percent in 2012, from 3.9 percent last year, as the economy recovers from a lower oil production in 2011 due to technical problems.
The IMF said growth should ease to 5 percent next year.
Global oil prices have rebounded recently just above $100 a barrel amid increased concerns of supply disruptions from Iran and the North Sea. However, they are not expected to hit the record levels seen last year due to an expected slowdown in global growth.
The IMF said the economy should also be lifted this year by increased government spending in the energy, transportation and construction sectors. Agricultural production is being hampered by a drought, which is pushing up domestic food prices, the IMF added.
'Although Angola's growth outlook is favorable, the country remains vulnerable to oil revenue shocks, a large infrastructure gap persists, and poverty remains widespread,' the IMF cautioned.
It called on the government to improve transparency and management of the country's oil revenues, including by setting 'clear rules' for the use of money from the country's oil infrastructure fund.
The IMF called on the government to ensure that so-called quasi-fiscal operations—or hidden expenditures—of Angola's state-owned oil company Sonangol be phased out and conducted through the budget.
Human Rights Watch in December urged the government to account for more than $30 billion in missing government funds, thought to be linked to Sonangol, which were spent or transferred between 2007 and 2010.
© Copyright 2012 Reuters
Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. 'Reuters' and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies. For additional information on other Reuters media services please visit reuters.com/newsagency .
Every day Global Good News documents the rise of a better quality of life dawning in the world from good news reported by the press; and highlights the need for introducing Natural Law based—Total Knowledge based—programmes to bring the support of Nature to every individual, raise the quality of life of every society, and create a lasting state of world peace.
Translation software is not perfect; however if you would like to try it, you can translate this page using:
Send Good News to Global Good News.
Your comments.
|
|