Yet another economic reform programme is riding on the oil
Is President José Eduardo dos Santos' government, slopping around in oil revenues, serious about economic reform at last? Luanda officials claim it is, pointing to Dos Santos' appointment of Julio Bessa, a technocrat, as Finance Minister on 9 October, and to encouraging noises from the International Monetary Fund. Luanda signed a monitoring agreement with the IMF in April, and hopes to agree terms for a low-interest loan from the Fund early next year. This, optimists contend, would trigger a slew of World Bank loans for the social sector - along with some relief on the US$9.6 billion foreign debt.
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