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Angola Sets Up Body to Oversee $5 Billion Fund After Probe

  • Consultancy probe shows fund’s processes are not transparent
  • Increased oversight to guarantee more efficient management
 Luanda, Angola

 Luanda, Angola

Photographer: Simon Dawson/Bloomberg

Angola’s Finance Ministry will set up a supervisory committee for the nation’s $5 billion sovereign wealth fund after an investigation found that its processes are inconsistent and opaque.

The southern African nation will also increase oversight of Fundo Soberano de Angola by the ministry, the presidency and the central bank, the Luanda-based Finance Ministry said in a statement on its website Friday.