Angola: Portuguese PM praises Luanda’s transparency on debt repayment

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Angola: Portuguese PM praises Luanda’s transparency on debt repayment

3:15 CAT | 18 Sep 2018

Photo: Observador

The Portuguese prime minister in Luanda on Tuesday praised the “transparency” of the Angolan Government in the way it has addressed the issue of debts to Portuguese companies and the timetable set out – by November – to determine the overall amount to be paid off.

António Costa was speaking at the Angolan-Portuguese Economic Forum, after Angolan Finance Minister Archer Mangueira estimated that the volume of “arrears” to Portuguese companies recognised by the Luanda authorities was about €90 million.

According to Mangueira, there is an additional €300 million in debt to Portuguese companies that has yet to be officially certified, but which was not taken on in accordance with budgetary rules.

Speaking specifically to Portuguese businesspeople, Costa said that the Angolan finance minister’s position, as well as recent legislative progress in Angola (competition and investment laws) “are creating a good business environment,” and were, “a sign of confidence.”

In his speech the Portugues prime minister also made a point of saying that “Angolan investment is welcome” in Portugal.

Source: Lusa