Title Angola's fragile stabilization / prepared by Jose Giancarlo Gasha and Gonzalo Pastor

Published [Washington D.C.] : International Monetary Fund, African Dept., 2004

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Description 1 online resource (27 pages) : illustrations Series IMF working paper, 2227-8885 ; WP/04/83 IMF working paper ; WP/04/83. Contents ""Contents""; ""I. INTRODUCTION""; ""II. INFLATION, MONEY GROWTH, AND THE NON-OIL FISCAL DEFICIT""; ""III. POLICY INSTRUMENTS IN GOVERNMENTâ€?S DISINFLATION PROGRAM""; ""IV. SHORTCOMINGS IN GOVERNMENTâ€?S DISINFLATION STRATEGY""; ""V. POLICY OPTIONS""; ""VI. CONCLUDING REMARKS""; ""REFERENCES"" Summary This paper discusses the nature of Angola's disinflation strategy in recent years, with special emphasis on the most recent efforts by the Angolan authorities to stabilize the economy. Looking to the past, the paper stresses the costs of the disinflation strategy, as measured by the central bank sizable foreign exchange intervention and the increase in Angola's external liabilities that unfolded in the process. The paper also notes that non-oil fiscal deficits have remained very large. Looking to the future, the paper stresses the pressing need to reduce demand pressures stemming from sizable government spending on wages and salaries, goods and services, subsidies, and other current transfers to the economy. The prescribed fiscal consolidation effort is viewed as critical to curtail the non-oil fiscal deficit, reduce inflation expectations on a lasting basis, and avoid further foreign borrowing on commercial terms, including loans collateralized by future oil revenues Bibliography Includes bibliographical references Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Foreign exchange rates -- Angola Economic stabilization -- Angola Deflation (Finance) -- Angola Deflation (Finance) Economic policy Economic stabilization Foreign exchange rates Wirtschaftliche Stabilität SUBJECT Angola -- Economic policy Subject Angola Angola Form Electronic book Author Pastor, Gonzalo C. (Gonzalo Carlos), 1957- author. International Monetary Fund. African Department, issuing body ISBN 1451896743 9781451896749 128160187X 9781281601872 9781451850574 1451850573 ISSN 2227-8885

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