{
  "title": "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",
  "publication": "IMF Staff Country Reports, January 19, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2021/01/19/angola-fourth-review-under-the-extended-arrangement-under-the-extended-fund-facility-and-50024",
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  "summary": "While improving, the economic outlook remains highly challenging, given the slow and uncertain recovery from the COVID-related shocks.",
  "sections": [
    {
      "heading": "Summary findings and outlook",
      "content": "- While improving, the economic outlook remains highly challenging, given the slow and uncertain recovery from the COVID-related shocks.\n- 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.\n- These shocks have led to a fifth straight year of recession and hardship.\n- The public debt-to-GDP ratio has risen to very elevated levels, driven by recent real exchange rate depreciation.\n- Nevertheless, strong fiscal performance and active debt management are setting the stage for a gradual economic recovery and reduction in debt vulnerabilities."
    },
    {
      "heading": "Policy focus and thematic areas",
      "content": "- Subject areas addressed: Debt service, Exchange rates, External debt, Oil prices, Public debt.\n- Keywords indicating emphasis: Angola's economy, CR, expenditure restraint, ISCR, national bank of Angola, revenue gain, sensitivity to oil price.\n\n---\n\n Content in this bundle\n\n- 1agoea2021001\n  - 1agoea2021001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1agoea2021001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: January 19, 2021",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513566979.002",
    "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.",
    "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.",
    "**1agoea2021001**"
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