Angola’s Secretary of State for the Budget, Juciene Cristiano de Sousa, stated this Thursday, July 3, in Luanda, that around 20% of bank credit in Angola is in default. This figure alone, she said, underscores the urgent need to strengthen effective recovery and restructuring mechanisms, as it represents a significant burden on the economy.
She presented this data during the 1st International Conference on Business Recovery and Insolvency, organized by Recredit – Asset Management.
According to Juciene Cristiano de Sousa, given the current context marked by persistent inflation and modest economic growth, the business sector is facing serious challenges. This makes it even more crucial for the country to have an insolvency framework that enables the reorganization, rescue, and relaunch of companies with potential.
“Having a functional legal framework for insolvency — with swift, effective processes that meet the expectations of those seeking justice — is, for the Executive, more than just a legal ambition. It is an institutional imperative and, above all, a commitment to building a more stable and fair Angola for those who invest, work, and undertake businesses,” she stressed.
Meanwhile, Walter Barros, Chairman of the Board of Recredit, said that the aim of hosting the 1st conference was to spark a national debate around business recovery and insolvency, noting that the rate of non-performing loans (NPLs) in the country is high and presents challenges for reviving companies so that they can return to the market with renewed financial health.
Source: O País
