## IMF Executive Board Concludes 2026 Article IV Consultation with Angola _IMF News, May 1, 2026_ ## Source details **Canonical URL:** [IMF Executive Board Concludes 2026 Article IV Consultation with Angola](https://www.imf.org/en/news/articles/2026/05/01/pr26135imf-executive-board-concludes-2026-article-iv-consultation-with-angola) ## Other formats - [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) ## Bibliographic details - Published: May 1, 2026 --- ### Recent developments and 2025–early 2026 outcomes - 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: - Overall fiscal deficit: -4.1 percent of GDP. - Lower oil revenues and expenditure slippages contributed to the deficit. - External sector in 2025: - Preliminary current account balance: 0.4 percent of GDP. - Banco Nacional de Angola (BNA) international reserves as of end-2025: 7.4 months of import cover. - 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 and risks - 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: - Declines in oil revenues. - Intensification of spending pressures during the temporary oil price hike. - Tighter global financial conditions. - Upside risks: - Stronger-than-expected oil production amid elevated oil prices. - An easing of global financial conditions. ### Executive Board assessment - 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: - Welcome commitment to adjust expenditure under the 2026 budget to reduce the fiscal deficit. - Emphasize sustained fiscal consolidation consistent with the Fiscal Sustainability Law. - Recommend that any oil windfall be used to reduce debt and build buffers. - 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. - Monetary and exchange rate guidance: - Broad support for maintaining a tight monetary policy stance to sustain disinflation. - Recommend efforts to strengthen monetary policy implementation. - Call for measures to increase exchange rate flexibility and ensure full and durable alignment with the market clearing rate. - Stress the need for a transparent, rules based foreign exchange intervention framework to address excessive exchange rate volatility while preserving reserves and price discovery. - Financial sector guidance: - Welcome progress in strengthening regulatory and supervisory frameworks in line with the 2025 FSAP; note remaining gaps. - Call for measures to reduce banking sector vulnerabilities and mitigate risks from the sovereign–bank nexus, legacy nonperforming loans, and foreign exchange liquidity imbalances. - Encourage strengthening risk‑based supervision, operationalizing the bank resolution framework and the financial safety net, and decisively resolving problem banks. - Underscore the need for prompt implementation of the FATF Action Plan to support timely exit from the FATF grey list. - Encourage efforts to deepen financial intermediation and improve financial infrastructure to support private sector‑led growth. - Structural reform priorities: - Strengthen governance, streamline business regulations, improve access to credit, and liberalize the exchange rate market to attract foreign investment. - Next Article IV consultation expected on the standard 12 month cycle. ### Key policy recommendations (summarized) - 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. ### Selected economic indicators, 2025–27 (selected figures) - Real economy (percent change) - Real gross domestic product: 2025 = 3.1; 2026 = 2.3; 2027 = 2.6 - Oil sector: 2025 = -5.2; 2026 = 1.6; 2027 = 0.0 - Non-oil sector: 2025 = 5.2; 2026 = 2.4; 2027 = 3.2 - Consumer prices - Consumer prices (annual average): 2025 = 20.2; 2026 = 12.9; 2027 = 12.8 - Consumer prices (end of period): 2025 = 15.7; 2026 = 13.1; 2027 = 11.2 - Investment and savings (percent of GDP) - National savings: 2025 = 13.6; 2026 = 13.0; 2027 = 13.0 - Gross investment: 2025 = 12.5; 2026 = 11.4; 2027 = 12.0 - Private investment: 2025 = 7.2; 2026 = 7.6; 2027 = 7.9 - Saving-investment balance: 2025 = 0.4; 2026 = 2.2; 2027 = 1.0 - Budgetary central government (percent of GDP) - Total revenue: 2025 = 14.8; 2026 = 14.4 - Of which: Oil-related revenue: 2025 = 8.5; 2026 = 6.7 - Of which: Non-oil tax: 2025 = 6.3; 2026 = 6.8; 2027 = 7.0 - Total expenditure: 2025 = 18.9; 2026 = 16.8; 2027 = 17.2 - Current expenditure (percent of GDP): 2025 = 5.3; 2026 = 3.7; 2027 = 4.1 (labeled "Capital spending" in source) - Overall fiscal balance: 2025 = -4.1; 2026 = -2.4; 2027 = -3.6 - Non-oil primary fiscal balance: 2025 = -8.9; 2026 = -6.3; 2027 = -6.5 - Money and credit - Broad money (M2, end of period, percent change): 2025 = 14.0; 2026 = 14.5; 2027 = 14.5 - Percent of GDP (M2): 2025 = 13.8; 2026 = 14.2; 2027 = 14.6 - Velocity (GDP/M2): 2025 = 7.3; 2026 = 7.1; 2027 = 6.9 - Credit to the private sector (annual percent change): 2025 = 11.6; 2026 = 11.3 - Balance of payments and reserves - Trade balance (percent of GDP): 2025 = 10.6; 2026 = 13.2; 2027 = 13.2 - Exports of goods, f.o.b. (percent of GDP): 2025 = 21.6; 2026 = 24.0; 2027 = 21.7 - Of which: Oil and gas exports (percent of GDP): 2025 = 19.9; 2026 = 22.4; 2027 = 20.0 - Imports of goods, f.o.b. (percent of GDP): 2025 = 10.9; 2026 = 10.8; 2027 = 10.5 - Terms of trade (percent change): 2025 = -17.4; 2026 = -9.6 - Current account balance (percent of GDP): 2025 = 0.4 - Gross international reserves (end of period, millions of U.S. dollars): 2025 = 15,895; 2026 = 16,195; 2027 = 15,695 - Gross international reserves (months of next year's imports): 2025 = 7.4; 2026 = 7.7 - Exchange rate - Official exchange rate (average, kwanzas per U.S. dollar): 2025 = 912; 2026 = … - Official exchange rate (end of period, kwanzas per U.S. dollar): 2025 = 923 - Public debt (percent of GDP) - Public sector debt (gross)1: 2025 = 51.3; 2026 = 51.6; 2027 = 53.5 - Central Government debt: 2025 = 48.8; 2026 = 49.8; 2027 = 53.7 - External debt: 2025 = 36.3; 2026 = 36.2; 2027 = 37.5 - Oil sector - Oil production (millions of barrels per day): 2025 = 1.03; 2026 = 1.05; 2027 = 1.05 - Oil and gas exports (billions of U.S. dollars): 2025 = 28.1; 2026 = 34.1; 2027 = 30.8 - Angola oil price (average, U.S. dollars per barrel): 2025 = 67.2; 2026 = 79.1; 2027 = 70.4 - Brent oil price (average, U.S. dollars per barrel): 2025 = 68.3; 2026 = 80.2; 2027 = 71.5 *IMF Communications Department, May 1, 2026.* --- ## References - [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) _Source: https://www.imf.org/en/news/articles/2026/05/01/pr26135imf-executive-board-concludes-2026-article-iv-consultation-with-angola_