Angola | Economy minister proposes structural change of economy

Oil tankers pass along the road towards the capital Luanda

The economic, financial and foreign exchange situation of Angola, owing to an external shock, requires a structural change of the economy to ensure the wellbeing of its citizens, said Economy Minister Abrahão Gourgel.
Gourgel made his comments at the National Pension Fund Conference last week in Luanda, an initiative of the Insurance and Pension Fund Academy. He explained that structural changes imply meeting domestic demand for goods and services with domestic production and increasingly higher levels of national added value, among other measures and options.
He also called for reducing imported labor to “what is necessary”, a process that should be accompanied by technical and professional preparation of the national workforce.
Gourgel said that pension funds and social security are complementary, offering an alternative to the distribution system whereby younger generations pay the pensions of older generations, reported Angop news agency.
Pension funds are based on a capitalization system in which the beneficiary receives pensions per the contributions made during years of service and respective income generated by those contributions, he added.
The National Pension Fund Conference was held on the occasion of National Insurance and Pension Fund Day on 5 August.  MDT/Macauhub