Angola: Fourth Review Under the Extended Arrangement Under the Extended Fund Facility and Requests for Modifications of Performance Criteria and Waivers for Performance Criteria Applicability and Nonobservance-Press Release; Staff Report; and Statement by the Executive Director for Angola

January 19, 2021

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Format: Chicago

Angola: Fourth Review Under the Extended Arrangement Under the Extended Fund Facility and Requests for Modifications of Performance Criteria and Waivers for Performance Criteria Applicability and Nonobservance-Press Release; Staff Report; and Statement by the Executive Director for Angola, (USA: International Monetary Fund, 2021) accessed November 21, 2024

Also available in: português

Summary

While improving, the economic outlook remains highly challenging, given the slow and uncertain recovery from the COVID-related shocks. Heavily dependent on oil, the Angolan economy has suffered from weakness in that sector, with falling production (related to the pandemic) and only a partial rebound in international prices recently. These shocks have led to a fifth straight year of recession and hardship. The public debt-to-GDP ratio has risen to very elevated levels, driven by recent real exchange rate depreciation. Nevertheless, strong fiscal performance and active debt management are setting the stage for a gradual economic recovery and reduction in debt vulnerabilities.

Subject: Debt service, Exchange rates, External debt, Oil prices, Public debt

Keywords: Angola's economy, CR, Expenditure restraint, ISCR, National bank of Angola, Revenue gain, Sensitivity to oil price

Publication Details

Pages:

87
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2021/017
Stock No:

1AGOEA2021001
ISBN:

9781513566979
ISSN:

1934-7685

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