Angola: Second Review of the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criteria, Modifications of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Angola
IMF Staff Country Reports, December 19, 2019
Source details
- Canonical URL
- Angola: Second Review of the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criteria, Modifications of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Angola
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Bibliographic details
- Published: December 19, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513523491.002
Overview and context
- Publication date: December 19, 2019
- The paper discusses Angola’s Second Review of the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of NonObservance of Performance Criteria, Modifications of Performance Criteria, and Financing Assurances Review.
- Angola faces a deteriorated external environment that is weighing on the economic outlook.
- The Angolan authorities have maintained commitment to the Fund-supported program despite challenging external and domestic conditions.
Key findings and fiscal performance
- The authorities’ commitment to fiscal consolidation was illustrated by the outperformance of the end-June 2019 non-oil primary fiscal deficit target by a wide margin.
- Sustained fiscal discipline is needed to address debt vulnerabilities.
- The conservative fiscal stance is expected to continue in 2020.
Risks and required policy actions
- Elevated risks to debt sustainability require continued policy effort.
- Recommended policy priorities:
- Persevere with measures to mobilize non-oil revenue.
- Strengthen public financial management.
- Improve debt management.
- Bolster transparency and accountability of state-owned enterprises.
Subjects and keywords (as provided)
- Subject: Arrears, Exchange rates, External debt, Foreign exchange, Oil prices, Prices, Public debt
- Keywords: Arrears, authority, CR, EFF arrangement, Exchange rates, executive board discussion, fiscal priority, Global, ISCR, national bank of Angola, Oil prices, payment order
Content in this bundle
- 1agoea2019002