IMF: Angola should reap oil wealth

LUANDA, Angola, Nov. 2 (UPI) -- A senior International Monetary Fund official said Tuesday Angola will probably capitalize on the recent surge in oil prices.

Concluding his visit to Angola and meetings with senior government officials, IMF Deputy Managing Director Takatoshi Kato said since the country is a major producer of petroleum, it could cash in on its oil wealth to bolster growth and help alleviate poverty.

But Kato also stressed the need for the nation to reduce its deficit and boost private sector growth.

He also said the Angolan government must ensure more transparency in budgetary and monetary policy, "including the management of oil resources."

"I look forward to rapid advances towards economic stability and effective use of resources," Kato said.