Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Angolan president fires economic coordination minister amid fuel protests

Published 06/08/2023, 09:52 AM
Updated 06/08/2023, 11:04 AM

LUANDA (Reuters) - Angolan President Joao Lourenco has fired the country's economic coordination minister and replaced him with the central bank governor in the wake of deadly protests over a reduction in a fuel subsidy.

The removal of Manuel Nunes Junior was announced by the presidency in a statement on Thursday.

It was not immediately clear who would succeed Jose de Lima Massano as central bank governor.

Last week's fuel subsidy cut meant the gasoline price would almost double to 300 kwanzas ($0.4781) per litre from 160 kwanzas, although it would still be below the market rate.

Local media quoted Nunes Junior as saying last week that the move was aimed at reining in government spending.

Nunes Junior has held many prominent government positions for over two decades in Africa's second-largest oil producer, including economy minister and deputy finance minister.

Police said on Monday five people had died and eight had been injured in protests that flared after the subsidy cut.

Since winning a second presidential term in August last year, Lourenco has pledged to continue reforms including privatising poorly-run state assets and cleaning up corruption.

($1 = 627.5000 kwanzas)

Latest comments

While people in the west are seeing the government penalize and tax fuel purchases more and more, people in other countries are protesting a reduction in subsidies. For western politicians it’s clearly it’s not about the climate since their efforts futile.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.