Angola implements informal economy reconversion program

0 Comment(s)Print E-mail Xinhua, November 17, 2021
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LUANDA, Nov. 17 (Xinhua) -- Angola intends to recover 65 percent of revenue lost to informal economy estimated at 40 billion U.S. dollars through the implementation of the Informal Economy Reconversion Program (PREI), the country's Minister of State for Economic Coordination Manuel Nunes Junior said Tuesday.

Launched initially in the largest market of the country's capital, the program benefited from 14.5 million euros support from the European Union to boost its operation over the next nine months in Angola.

According to the PREI's technical coordinator, Celso Borja, the goal of the Angolan authorities is to recover 65 percent of the revenue that does not enter into the state's safe.

"It is a considerable volume, which we need to recover, to create more jobs, to foster credit, to accentuate the flow of income and guarantee the diversified growth of the national economy," Borja said.

The operational management of PREI is of responsibility of the Angolan Ministry of Economy and Planning in partnership with the United Nations Development Program (UNDP).

Informal economy involves the activities that are on the fringes of formality, without a registered firm, without issuing invoices, without registered employees, and without contributing taxes to the government. Enditem

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