San­tos fires fi­nance min­is­ter

Chronicle (Zimbabwe) - - Business -

LUANDA — An­golan Pres­i­dent José Eduardo dos San­tos fired the fi­nance min­is­ter, Ar­mando Manuel, this week two months after the gov­ern­ment of Africa’s big­gest oil pro­ducer broke off talks with the In­ter­na­tional Mon­e­tary Fund (IMF) over emer­gency fund­ing.

A state­ment said Manuel, who was ap­pointed in 2013 and whose term had been due to run to 2017, would be re­placed by cap­i­tal mar­kets com­mis­sion head Au­gusto Archer de Sousa Hose, more com­monly known as Archer Mangueira.

Over the past two years, Manuel had presided over an eco­nomic slump caused by a sharp drop in oil prices that sapped dol­lar in­flows, ham­mered the kwanza and prompted heavy gov­ern­ment bor­row­ing.

The kwanza slid more than 30 per­cent against the dol­lar in 2015, and in Jan­u­ary the cen­tral bank al­lowed for an­other 15 per­cent weak­en­ing to 155 against the dol­lar.

The cur­rency was bid at 165 to the dol­lar on Mon­day, ac­cord­ing to Thom­son Reuters data. On the black mar­ket, it has been trad­ing as low as 600.

Be­fore his ap­point­ment, Mangueira was pres­i­dent of An­gola’s Cap­i­tal Mar­kets Com­mis­sion, mak­ing him a fa­mil­iar face to for­eign in­vestors, and had re­cently been brought onto the cen­tral com­mit­tee of the rul­ing MPLA party.

Di­plo­mats said his pro­mo­tion was not a ma­jor sur­prise, es­pe­cially in the wake of the gov­ern­ment’s de­ci­sion in late June to end emer­gency fi­nanc­ing talks with the IMF. — Reuters

Pres­i­dent José Eduardo dos San­tos

Newspapers in English

Newspapers from Zimbabwe

© PressReader. All rights reserved.