IBERSOL | Annual Report 2020

Economic framework sential expenses and preserving health and social security expenses, stabilising public finance. 2021 State Budget consolidates non-oil rev- enue, reducing dependency on oil revenue. The restrictive monetary and currency exchange flexibilization poli- cies continued in 2020. Following the softening of monetary restric- tions to mitigate the impact of Covid-19, the National Bank of Angola tightened the monetary policy once more to reign in increasing infla- tionary tensions. A series of measures, to be implemented under IMF supervision, are expected to create conditions for the sustained growth of the Ango- lan economy. FINAL NOTE Economic perspectives remain laden with high levels of uncertainty and are very dependent on the evolution of the pandemic and the speed of large-scale vaccination. The rhythm of recovery will be con- ditioned by the impact of the crisis on the productive capacity and on government policies that support economic recovery. 12