{
  "title": "Angola: First Review Under the Stand-By Arrangement and Request for a Modification of a Performance Criterion",
  "publication": "IMF Staff Country Reports, May 26, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/angola-first-review-under-the-stand-by-arrangement-and-request-for-a-modification-of-a-23896",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/angola-first-review-under-the-stand-by-arrangement-and-request-for-a-modification-of-a-23896",
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  "summary": "This paper discusses key findings of the First Review Under the Stand-By Arrangement for Angola. The paper reveals that the authorities’ reforms are beginning to bear fruit in terms of achieving key program goals.",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- The authorities’ reforms are beginning to bear fruit in terms of achieving key program goals.\n- The heavy foreign exchange market pressures that were evident at the program negotiations stage (September 2009) have eased.\n- The reintroduction of the foreign exchange auction system has led to a significant and orderly adjustment in the official rate.\n- A modest appreciation of the parallel rate has occurred, and together with the official-rate adjustment, has narrowed the spread between the two markets."
    },
    {
      "heading": "Program status and operational changes",
      "content": "- Reintroduction of the foreign exchange auction system: led to a significant and orderly adjustment in the official rate.\n- Market outcomes: modest appreciation in the parallel rate; narrowed spread between official and parallel foreign exchange markets.\n- Program timing note: program negotiations stage referenced as September 2009."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Arrears, External debt, Fiscal policy, Fiscal stance, Government debt management, Public debt, Public financial management (PFM)\n- Keywords: Arrears, audit result, BNA, CR, disbursement of SDR, end-March inflation rate, end-March program target, Fiscal stance, Global, Government debt management, ISCR, national bank of Angola, policy design\n\n---\n\n Content in this bundle\n\n- cr10143\n  - cr10143 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr10143 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "[Markdown version](/en/publications/cr/issues/2016/12/31/angola-first-review-under-the-stand-by-arrangement-and-request-for-a-modification-of-a-23896/index.md)",
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    "Authors: Arrangement, Request",
    "Published: May 26, 2010",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781455204656.002",
    "The authorities’ reforms are beginning to bear fruit in terms of achieving key program goals.",
    "The heavy foreign exchange market pressures that were evident at the program negotiations stage (September 2009) have eased.",
    "The reintroduction of the foreign exchange auction system has led to a significant and orderly adjustment in the official rate.",
    "A modest appreciation of the parallel rate has occurred, and together with the official-rate adjustment, has narrowed the spread between the two markets.",
    "Reintroduction of the foreign exchange auction system: led to a significant and orderly adjustment in the official rate.",
    "Market outcomes: modest appreciation in the parallel rate; narrowed spread between official and parallel foreign exchange markets.",
    "Program timing note: program negotiations stage referenced as September 2009.",
    "Subject: Arrears, External debt, Fiscal policy, Fiscal stance, Government debt management, Public debt, Public financial management (PFM)",
    "Keywords: Arrears, audit result, BNA, CR, disbursement of SDR, end-March inflation rate, end-March program target, Fiscal stance, Global, Government debt management, ISCR, national bank of Angola, policy design",
    "**_cr10143**"
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