Angola’s Lourenco Kicks Off With Tough Economic Warning

Angola’s first new president in almost four decades vowed to rebuild an economy devastated by falling oil prices and fight corruption at his inauguration on Tuesday.

Joao Lourenco said  tothousands of fans in Luanda would cope with inequalities in the second largest oil producer in Africa - though analysts already doubt his ability to make far-reaching changes. "Nobody is so rich and powerful that they can not be punished and nobody is so poor that they can not be protected," he said with a loud applause. In a 45-minute speech, Lourenco said he will seek to bring about gender equality, freedom of press, private entrepreneurship and public health reforms. Former President Jose Eduardo dos Santos remained the leader of the MPLA ruling party, giving veteran leading influence on key policy decisions. Every serious attempt to transform the country could put Lourenco on a collision with high party figures and powerful interest groups. The Angolan economy fell in recession last year, while unemployment was officially above 20 percent, and the lack of foreign exchange funds forced the company to withdraw operations. Lourenco said he would work to reduce state intervention in the economy and allow free enterprise space and support for progress. He said earlier that he did not rule out negotiations on an agreement with the International Monetary Fund or the World Bank to help restore the economy that relies heavily on oil. "There are huge challenges ahead ... We call on everyone in this difficult journey," he said.
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