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
IMF Staff Country Reports, January 19, 2021
Source details
- Canonical URL
- 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
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Bibliographic details
- Published: January 19, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513566979.002
Summary findings and outlook
- 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.
Policy focus and thematic areas
- Subject areas addressed: Debt service, Exchange rates, External debt, Oil prices, Public debt.
- Keywords indicating emphasis: Angola's economy, CR, expenditure restraint, ISCR, national bank of Angola, revenue gain, sensitivity to oil price.
Content in this bundle
- 1agoea2021001