ANGOLA CAN UPLIFT POOR BY DISTRIBUTING OIL CASH Angola could ease inequality by diverting 10% of petroleum revenue to the poor,A World Bank official said last week. Payments in Africas second largest Crude oil producer would amount to $326 a person a year for those living on less than $1.25 a day,Francisco Ferreira,the Multilateral lenders Chief Economist for Africa,said in a presentation to the catholic University of Angola in Luanda on Friday. The concept had not been discussed with the government,Ferreira said in an interview. Countries that generate as much revenue from Oil as Angola should consider some kind of redistribution,whether they make it conditional or not. Ferreira said in comments he described as personal. Some version of Oil-To- Cash could very well find a place within the portfolio of things to be done. More than half of the 21million people in Angola live in abject poverty as the country;s recovers from 27yrs of civil war that ended in 2002. There are several versions of the Oil To Cash concept,including one featured in an article in Foreign Affairs magazine last year that suggested distributing revenue to all residents and taxing it as income. Its citizen building because they will learn oil money is their money if they have the constitutional right to it. Companies including Total,ExxonMobil,Chevron and BP operate offshore oil fields in Angola attempts to diversify its economy away from the commodity that accounts for about 80% of Tax revenue and 40% of Gross Domestic Product. Bloomberg. My Dear Good People The people of Angola just like many other African Countries have come at a point where they need to start participating in their economies n also start benefiting from it in real and actual terms, LET ME HEAR SINCERE N HUMBLE COMMENTS Have a blessed Week Thanks
Posted on: Mon, 31 Mar 2014 21:23:38 +0000
Trending Topics
Recently Viewed Topics
© 2015