Angola opts for austerity
Angola’s President Joao Lourenco (pictured) said on Monday, January 8, that there could be no economic recovery without austerity measures, ruling out salary increases for civil servants at this point in time.
“When the economy is a little better, it’s only right that it should move the national salary, but now it would not be very advisable,” Lourenco told reporters at a media event to mark 100 days in office. Lourenco took over last year from José Eduardo dos Santos, who stood down after 38 years.
Angola’s central bank will hold an auction on January, 9 to sell foreign currency to commercial banks, its first since saying it will abandon a dollar peg, according to three people familiar with knowledge of the matter.