Image: Paulo Novais/ Lusa

Marcelo warns of worse to come

This is “a period that demands resistance and capacity for rapid decision-making”

In a message to citizens as well as political leaders, President Marcelo referred to news that inflation has hit a new high saying it will almost certainly get worse.

He called for “political will, determination and resistance”.

“It’s evident that these times are difficult; that inflation will continue to climb – and is doing so with the delay of a month or two months in relation to increases in Spain (where inflation for July was 10.8% – the highest in 38 years).

“What this means is that while the war (in Ukraine) continues there will probably be a series of consequences that we will have to face”, he said.

And for these consequences “political will, determination and resistance” is needed, combined with “realism, not denying that this is a difficult moment.

“This is a moment that demands resistance, the capacity for rapid decision-making if necessary”, he stressed.

As the government prepares its spending plan (State Budget) for 2023, it has said that further measures of support to combat inflation will be announced in September.

Bank leaders too have spoken inflation being “the most concerning theme” of the times.

President Marcelo was speaking alongside his Cape Verdian counterpart José Maria Neves, at the Euro African forum in Lisbon. He added that while Europe, to a certain extent, has “relative cushions of protection” by dint of being united, this is not the case in Africa.

natasha.donn@portugalresident.com