Angola’s president says austerity key to economic recovery

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Joao Lourenco speaks at a media conference in Luanda, Angola, August 22, 2017. REUTERS/Stephen Eisenhammer/Files

LUANDA (Reuters) – Angola’s President Joao Lourenco said on Monday that there could be no economic recovery without austerity measures, ruling out salary increases for civil servants for now.

“When the economy is a little better, it’s only right that it should move the national salary, but now it would not be very advisable,” Lourenco told reporters at a media event to mark 100 days in office. Lourenco took over last year from Jose Eduardo dos Santos, who stood down after 38 years.

Reporting by Herculano Coroado; Writing by Joe Brock; Editing by Peter Graff

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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