{
  "title": "IMF Executive Board Concludes 2026 Article IV Consultation with Angola",
  "publication": "IMF News, May 1, 2026",
  "sourceUrl": "https://www.imf.org/en/news/articles/2026/05/01/pr26135imf-executive-board-concludes-2026-article-iv-consultation-with-angola",
  "canonical": "https://www.imf.org/en/news/articles/2026/05/01/pr26135imf-executive-board-concludes-2026-article-iv-consultation-with-angola",
  "overlayPath": "/en/news/articles/2026/05/01/pr26135imf-executive-board-concludes-2026-article-iv-consultation-with-angola/index.md",
  "summary": "The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Angola. This also included a discussion of the findings of the Financial Sector Assessment Program (FSAP) exercise for Angola.",
  "publishDate": "2026-05-01",
  "sections": [
    {
      "heading": "Recent developments and 2025–early 2026 outcomes",
      "content": "- The Executive Board completed the Article IV Consultation for Angola and discussed the findings of the Financial Sector Assessment Program (FSAP) exercise for Angola.\n- Authorities consented to publication of the Staff Report prepared for this consultation.\n- Overall growth held up at 3.1 percent in 2025, partly supported by public spending.\n- Inflation continued to ease to 12.4 percent in March 2026, partly due to tight monetary policy.\n- A significant decline in oil production weakened fiscal and external positions in 2025.\n- Fiscal outcomes in 2025:\n  - Overall fiscal deficit: -4.1 percent of GDP.\n  - Lower oil revenues and expenditure slippages contributed to the deficit.\n- External sector in 2025:\n  - Preliminary current account balance: 0.4 percent of GDP.\n  - Banco Nacional de Angola (BNA) international reserves as of end-2025: 7.4 months of import cover.\n- Recent surge in oil prices has improved Angola’s access to international markets and is projected to provide a temporary offset to declining oil revenues."
    },
    {
      "heading": "Medium-term outlook and risks",
      "content": "- Medium-term outlook remains subdued, reflecting a structural decline in oil revenues; economic growth depends on the success of diversification efforts.\n- The 2026 budget envisages fiscal consolidation and reaffirms commitment to prudent debt management while addressing critical spending needs.\n- Gross financing needs are projected to rise, with public debt reaching the ceiling under the Fiscal Sustainability Law in the medium term.\n- Downside risks:\n  - Declines in oil revenues.\n  - Intensification of spending pressures during the temporary oil price hike.\n  - Tighter global financial conditions.\n- Upside risks:\n  - Stronger-than-expected oil production amid elevated oil prices.\n  - An easing of global financial conditions."
    },
    {
      "heading": "Executive Board assessment",
      "content": "- Directors agreed with the thrust of the staff appraisal.\n- Welcomed sustained growth in 2025 despite the decline in oil production, noted easing inflation and improved market access.\n- Emphasized the need to maintain prudent policies and advance structural reforms to support growth and economic diversification.\n- Fiscal policy guidance from Directors:\n  - Welcome commitment to adjust expenditure under the 2026 budget to reduce the fiscal deficit.\n  - Emphasize sustained fiscal consolidation consistent with the Fiscal Sustainability Law.\n  - Recommend that any oil windfall be used to reduce debt and build buffers.\n  - Priorities: improve spending efficiency, accelerate revenue mobilization, advance fuel subsidy reform while protecting the most vulnerable, strengthen public financial management, advance state‑owned enterprise reform, and prudent debt management.\n- Monetary and exchange rate guidance:\n  - Broad support for maintaining a tight monetary policy stance to sustain disinflation.\n  - Recommend efforts to strengthen monetary policy implementation.\n  - Call for measures to increase exchange rate flexibility and ensure full and durable alignment with the market clearing rate.\n  - Stress the need for a transparent, rules based foreign exchange intervention framework to address excessive exchange rate volatility while preserving reserves and price discovery.\n- Financial sector guidance:\n  - Welcome progress in strengthening regulatory and supervisory frameworks in line with the 2025 FSAP; note remaining gaps.\n  - Call for measures to reduce banking sector vulnerabilities and mitigate risks from the sovereign–bank nexus, legacy nonperforming loans, and foreign exchange liquidity imbalances.\n  - Encourage strengthening risk‑based supervision, operationalizing the bank resolution framework and the financial safety net, and decisively resolving problem banks.\n  - Underscore the need for prompt implementation of the FATF Action Plan to support timely exit from the FATF grey list.\n  - Encourage efforts to deepen financial intermediation and improve financial infrastructure to support private sector‑led growth.\n- Structural reform priorities:\n  - Strengthen governance, streamline business regulations, improve access to credit, and liberalize the exchange rate market to attract foreign investment.\n- Next Article IV consultation expected on the standard 12 month cycle."
    },
    {
      "heading": "Key policy recommendations (summarized)",
      "content": "- Sustain fiscal consolidation consistent with the Fiscal Sustainability Law.\n- Use oil windfalls to reduce debt and build buffers.\n- Improve spending efficiency and accelerate revenue mobilization.\n- Advance fuel subsidy reform with protection for the vulnerable.\n- Strengthen public financial management and state‑owned enterprise reform.\n- Maintain tight monetary policy and strengthen implementation.\n- Increase exchange rate flexibility and adopt a transparent, rules based FX intervention framework.\n- Strengthen banking supervision, operationalize resolution framework and financial safety net, resolve problem banks.\n- Implement FATF Action Plan to exit FATF grey list.\n- Promote structural reforms to diversify the economy and attract private investment."
    },
    {
      "heading": "Selected economic indicators, 2025–27 (selected figures)",
      "content": "- Real economy (percent change)\n  - Real gross domestic product: 2025 = 3.1; 2026 = 2.3; 2027 = 2.6\n  - Oil sector: 2025 = -5.2; 2026 = 1.6; 2027 = 0.0\n  - Non-oil sector: 2025 = 5.2; 2026 = 2.4; 2027 = 3.2\n- Consumer prices\n  - Consumer prices (annual average): 2025 = 20.2; 2026 = 12.9; 2027 = 12.8\n  - Consumer prices (end of period): 2025 = 15.7; 2026 = 13.1; 2027 = 11.2\n- Investment and savings (percent of GDP)\n  - National savings: 2025 = 13.6; 2026 = 13.0; 2027 = 13.0\n  - Gross investment: 2025 = 12.5; 2026 = 11.4; 2027 = 12.0\n  - Private investment: 2025 = 7.2; 2026 = 7.6; 2027 = 7.9\n  - Saving-investment balance: 2025 = 0.4; 2026 = 2.2; 2027 = 1.0\n- Budgetary central government (percent of GDP)\n  - Total revenue: 2025 = 14.8; 2026 = 14.4\n  - Of which: Oil-related revenue: 2025 = 8.5; 2026 = 6.7\n  - Of which: Non-oil tax: 2025 = 6.3; 2026 = 6.8; 2027 = 7.0\n  - Total expenditure: 2025 = 18.9; 2026 = 16.8; 2027 = 17.2\n  - Current expenditure (percent of GDP): 2025 = 5.3; 2026 = 3.7; 2027 = 4.1  (labeled \"Capital spending\" in source)\n  - Overall fiscal balance: 2025 = -4.1; 2026 = -2.4; 2027 = -3.6\n  - Non-oil primary fiscal balance: 2025 = -8.9; 2026 = -6.3; 2027 = -6.5\n- Money and credit\n  - Broad money (M2, end of period, percent change): 2025 = 14.0; 2026 = 14.5; 2027 = 14.5\n  - Percent of GDP (M2): 2025 = 13.8; 2026 = 14.2; 2027 = 14.6\n  - Velocity (GDP/M2): 2025 = 7.3; 2026 = 7.1; 2027 = 6.9\n  - Credit to the private sector (annual percent change): 2025 = 11.6; 2026 = 11.3\n- Balance of payments and reserves\n  - Trade balance (percent of GDP): 2025 = 10.6; 2026 = 13.2; 2027 = 13.2\n  - Exports of goods, f.o.b. (percent of GDP): 2025 = 21.6; 2026 = 24.0; 2027 = 21.7\n  - Of which: Oil and gas exports (percent of GDP): 2025 = 19.9; 2026 = 22.4; 2027 = 20.0\n  - Imports of goods, f.o.b. (percent of GDP): 2025 = 10.9; 2026 = 10.8; 2027 = 10.5\n  - Terms of trade (percent change): 2025 = -17.4; 2026 = -9.6\n  - Current account balance (percent of GDP): 2025 = 0.4\n  - Gross international reserves (end of period, millions of U.S. dollars): 2025 = 15,895; 2026 = 16,195; 2027 = 15,695\n  - Gross international reserves (months of next year's imports): 2025 = 7.4; 2026 = 7.7\n- Exchange rate\n  - Official exchange rate (average, kwanzas per U.S. dollar): 2025 = 912; 2026 = …\n  - Official exchange rate (end of period, kwanzas per U.S. dollar): 2025 = 923\n- Public debt (percent of GDP)\n  - Public sector debt (gross)1: 2025 = 51.3; 2026 = 51.6; 2027 = 53.5\n  - Central Government debt: 2025 = 48.8; 2026 = 49.8; 2027 = 53.7\n  - External debt: 2025 = 36.3; 2026 = 36.2; 2027 = 37.5\n- Oil sector\n  - Oil production (millions of barrels per day): 2025 = 1.03; 2026 = 1.05; 2027 = 1.05\n  - Oil and gas exports (billions of U.S. dollars): 2025 = 28.1; 2026 = 34.1; 2027 = 30.8\n  - Angola oil price (average, U.S. dollars per barrel): 2025 = 67.2; 2026 = 79.1; 2027 = 70.4\n  - Brent oil price (average, U.S. dollars per barrel): 2025 = 68.3; 2026 = 80.2; 2027 = 71.5\n\nIMF Communications Department, May 1, 2026.\n\n---\n\n\n References\n\n- Angola and the IMF\n- IMF Policy Advice -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- Angola\n- http://www.IMF.org/external/np/sec/misc/qualifiers.htm\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2026/05/01/pr26135imf-executive-board-concludes-2026-article-iv-consultation-with-angola"
    }
  ],
  "bullets": [
    "[Markdown version](/en/news/articles/2026/05/01/pr26135imf-executive-board-concludes-2026-article-iv-consultation-with-angola/index.md)",
    "[Structured JSON version](/en/news/articles/2026/05/01/pr26135imf-executive-board-concludes-2026-article-iv-consultation-with-angola/index.json)",
    "[Bundle manifest](/en/news/articles/2026/05/01/pr26135imf-executive-board-concludes-2026-article-iv-consultation-with-angola/bundle-manifest.json)",
    "Published: May 1, 2026",
    "The Executive Board completed the Article IV Consultation for Angola and discussed the findings of the Financial Sector Assessment Program (FSAP) exercise for Angola.",
    "Authorities consented to publication of the Staff Report prepared for this consultation.",
    "Overall growth held up at 3.1 percent in 2025, partly supported by public spending.",
    "Inflation continued to ease to 12.4 percent in March 2026, partly due to tight monetary policy.",
    "A significant decline in oil production weakened fiscal and external positions in 2025.",
    "Fiscal outcomes in 2025:",
    "External sector in 2025:",
    "Recent surge in oil prices has improved Angola’s access to international markets and is projected to provide a temporary offset to declining oil revenues.",
    "Medium-term outlook remains subdued, reflecting a structural decline in oil revenues; economic growth depends on the success of diversification efforts.",
    "The 2026 budget envisages fiscal consolidation and reaffirms commitment to prudent debt management while addressing critical spending needs.",
    "Gross financing needs are projected to rise, with public debt reaching the ceiling under the Fiscal Sustainability Law in the medium term.",
    "Downside risks:",
    "Upside risks:",
    "Directors agreed with the thrust of the staff appraisal.",
    "Welcomed sustained growth in 2025 despite the decline in oil production, noted easing inflation and improved market access.",
    "Emphasized the need to maintain prudent policies and advance structural reforms to support growth and economic diversification.",
    "Fiscal policy guidance from Directors:",
    "Monetary and exchange rate guidance:",
    "Financial sector guidance:",
    "Structural reform priorities:",
    "Next Article IV consultation expected on the standard 12 month cycle.",
    "Sustain fiscal consolidation consistent with the Fiscal Sustainability Law.",
    "Use oil windfalls to reduce debt and build buffers.",
    "Improve spending efficiency and accelerate revenue mobilization.",
    "Advance fuel subsidy reform with protection for the vulnerable.",
    "Strengthen public financial management and state‑owned enterprise reform.",
    "Maintain tight monetary policy and strengthen implementation.",
    "Increase exchange rate flexibility and adopt a transparent, rules based FX intervention framework.",
    "Strengthen banking supervision, operationalize resolution framework and financial safety net, resolve problem banks.",
    "Implement FATF Action Plan to exit FATF grey list.",
    "Promote structural reforms to diversify the economy and attract private investment.",
    "Real economy (percent change)",
    "Consumer prices",
    "Investment and savings (percent of GDP)",
    "Budgetary central government (percent of GDP)",
    "Money and credit",
    "Balance of payments and reserves",
    "Exchange rate",
    "Public debt (percent of GDP)",
    "Oil sector",
    "[Angola and the IMF](http://www.imf.org/external/country/AGO/index.htm)",
    "[IMF Policy Advice -- A Factsheet](https://www.imf.org/en/about/factsheets/imf-surveillance)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Angola](https://www.imf.org/en/countries/ago)",
    "[http://www.IMF.org/external/np/sec/misc/qualifiers.htm](http://www.imf.org/external/np/sec/misc/qualifiers.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
  "alternates": {
    "markdown": "/en/news/articles/2026/05/01/pr26135imf-executive-board-concludes-2026-article-iv-consultation-with-angola/index.md",
    "json": "/en/news/articles/2026/05/01/pr26135imf-executive-board-concludes-2026-article-iv-consultation-with-angola/index.json",
    "bundleManifest": "/en/news/articles/2026/05/01/pr26135imf-executive-board-concludes-2026-article-iv-consultation-with-angola/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-26T04:37:46.229Z"
}