World Economy

Angola Needs Economic Diversification

Angola Needs Economic DiversificationAngola Needs Economic Diversification

The International Monetary Fund has reiterated that the Angolan executive needs to diversify its economy, with a view to widening the sources of revenue and decrease dependency on the crude-oil sector, AllAfrica reported. According to the IMF head of the Africa Division, Ricardo Velloso–who has made an assessment of his two-week work visit to Angola, at a press conference held in Luanda–besides the diversification of the economy it is fundamental for the country to adapt its level of expenditure. He went on to say that the adaptation of the expenditure level has to be done in the ambit of the state’s general budget.