{
  "title": "Angola: Third Review under the Extended Arrangement Under the Extended Fund Facility, Requests for Augmentation and Rephasing of Access, Waivers of Nonobservance of Performance Criterion and Applicability of Performance Criterion, Modifications of Performance Criteria, and Completion of Financing Assurances Review — Press Release; Staff Report; and Statement by the Executive Director for Angola",
  "publication": "IMF Staff Country Reports, September 21, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/09/18/angola-third-review-under-the-extended-arrangement-under-the-extended-fund-facility-requests-49758",
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  "summary": "The economic outlook has substantially deteriorated since the Second Review, driven by the negative effects of the COVID-19 pandemic on global economic activity and oil prices.",
  "sections": [
    {
      "heading": "Summary and context",
      "content": "- Publication date: September 21, 2020\n- Series: Country Report No. 2020/281; Issue: 281; Volume: 2020; Pages: 134\n- DOI: https://doi.org/10.5089/9781513557076.002\n- Stock No: 1AGOEA2020001; ISBN: 9781513557076; ISSN: 1934-7685\n- Content type: IMF Staff Country Report and associated press release and Executive Director statement\n- Subject tags: Credit, Debt service, Exchange rates, External debt, Foreign exchange, Oil prices, Prices, Public debt"
    },
    {
      "heading": "Economic outlook and shock impacts",
      "content": "- The economic outlook \"has substantially deteriorated since the Second Review,\" driven by the negative effects of the COVID-19 pandemic on global economic activity and oil prices.\n- Angola's economy is described as \"highly dependent on oil (95 percent of exports, two-thirds of government revenue).\"\n- The adverse impact of the shock \"adds to the hardship from five consecutive years of recession.\"\n- Rapid exchange rate depreciation and the decline in oil prices \"have pushed the public debt-to-GDP ratio to a very high level.\""
    },
    {
      "heading": "Debt dynamics and policy expectations",
      "content": "- Despite the deterioration, \"continued fiscal retrenchment, prudent debt management, and debt reprofiling are expected to improve debt dynamics progressively.\"\n- The package of actions under the review includes \"Requests for Augmentation and Rephasing of Access, Waivers of Nonobservance of Performance Criterion and Applicability of Performance Criterion, Modifications of Performance Criteria, and Completion of Financing Assurances Review.\""
    },
    {
      "heading": "Key findings and program implications",
      "content": "- Key finding: COVID-19 and oil-price shocks substantially worsened Angola's outlook since the Second Review.\n- Key structural vulnerability: Oil dependence quantified as \"95 percent of exports, two-thirds of government revenue.\"\n- Historical context: Economy entering review period after \"five consecutive years of recession.\"\n- Immediate fiscal pressure: Exchange rate depreciation combined with oil-price decline has elevated public debt metrics to \"a very high level.\"\n- Program trajectory: Fiscal retrenchment, prudent debt management, and debt reprofiling are central to improving debt dynamics."
    },
    {
      "heading": "Keywords (as provided)",
      "content": "- Angola's economy, augments disbursement, CR, debt, debt service, Debt service, economic crisis, Exchange rates, Global, gross domestic product, IMF lending tracker, ISCR, national bank of Angola, Oil prices\n\nAngola: Third Review under the Extended Arrangement Under the Extended Fund Facility, Requests for Augmentation and Rephasing of Access, Waivers of Nonobservance of Performance Criterion and Applicability of Performance Criterion, Modifications of Performance Criteria, and Completion of Financing Assurances Review — IMF Staff Country Report, September 21, 2020.\n\n---\n\n Content in this bundle\n\n- 1agoea2020001\n  - 1agoea2020001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1agoea2020001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: September 21, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513557076.002",
    "Publication date: September 21, 2020",
    "Series: Country Report No. 2020/281; Issue: 281; Volume: 2020; Pages: 134",
    "DOI: https://doi.org/10.5089/9781513557076.002",
    "Stock No: 1AGOEA2020001; ISBN: 9781513557076; ISSN: 1934-7685",
    "Content type: IMF Staff Country Report and associated press release and Executive Director statement",
    "Subject tags: Credit, Debt service, Exchange rates, External debt, Foreign exchange, Oil prices, Prices, Public debt",
    "The economic outlook \"has substantially deteriorated since the Second Review,\" driven by the negative effects of the COVID-19 pandemic on global economic activity and oil prices.",
    "Angola's economy is described as \"highly dependent on oil (95 percent of exports, two-thirds of government revenue).\"",
    "The adverse impact of the shock \"adds to the hardship from five consecutive years of recession.\"",
    "Rapid exchange rate depreciation and the decline in oil prices \"have pushed the public debt-to-GDP ratio to a very high level.\"",
    "Despite the deterioration, \"continued fiscal retrenchment, prudent debt management, and debt reprofiling are expected to improve debt dynamics progressively.\"",
    "The package of actions under the review includes \"Requests for Augmentation and Rephasing of Access, Waivers of Nonobservance of Performance Criterion and Applicability of Performance Criterion, Modifications of Performance Criteria, and Completion of Financing Assurances Review.\"",
    "Key finding: COVID-19 and oil-price shocks substantially worsened Angola's outlook since the Second Review.",
    "Key structural vulnerability: Oil dependence quantified as \"95 percent of exports, two-thirds of government revenue.\"",
    "Historical context: Economy entering review period after \"five consecutive years of recession.\"",
    "Immediate fiscal pressure: Exchange rate depreciation combined with oil-price decline has elevated public debt metrics to \"a very high level.\"",
    "Program trajectory: Fiscal retrenchment, prudent debt management, and debt reprofiling are central to improving debt dynamics.",
    "Angola's economy, augments disbursement, CR, debt, debt service, Debt service, economic crisis, Exchange rates, Global, gross domestic product, IMF lending tracker, ISCR, national bank of Angola, Oil prices",
    "**1agoea2020001**"
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