Angola: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Angola

June 11, 2018

Preview Citation

Format: Chicago

Angola: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Angola, (USA: International Monetary Fund, 2018) accessed September 19, 2024

Also available in: português

Summary

This 2018 Article IV Consultation highlights that lower oil prices since mid-2014 have placed the Angolan economy under stress. The authorities initially reacted to the oil price shock with significant fiscal tightening and exchange rate adjustments coupled with foreign exchange quantitative restrictions. The policy mix in the run-up to the August 2017 elections—fiscal expansion and pegged exchange rate—led to a further erosion of fiscal and external buffers. President João Lourenço has focused attention on improving governance and restoring macroeconomic stability. The government’s macroeconomic stabilization program envisages: upfront fiscal consolidation; greater exchange rate flexibility; reducing the public debt-to-GDP ratio to 60 percent over the medium term; improving the public debt profile; and settling domestic payments arrears.

Subject: Exchange rates, External debt, Foreign exchange, Oil prices, Prices, Public debt

Keywords: Angolan authorities, BNA law, CR, Current account, Debt dynamics, Debt ratio, Europe, Exchange rate, Exchange rates, Foreign exchange, GDP, GDP deflator, Global, ISCR, Oil prices, Price, Priority infrastructure investment, Real GDP, Reform agenda, Sub-Saharan Africa

Publication Details

Pages:

74
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2018/156
Stock No:

1AGOEA2018001
ISBN:

9781484360194
ISSN:

1934-7685

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