Angola: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Angola
IMF Staff Country Reports, May 8, 2026
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- Angola: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Angola
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Bibliographic details
- Published: May 8, 2026
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229046626.002
Summary findings
- A significant decline in oil production weakened fiscal and external positions.
- Overall growth held up in 2025, partly supported by public spending.
- Inflation eased from its peak, partly due to tight monetary policy, but remained at double digits.
- Despite a pickup in non-oil economic growth in recent years, non-oil revenues remained constrained while oil revenues declined sharply.
- Angola’s access to international markets has improved but elevated fiscal financing needs continued to crowd out social spending and private credit while further weakening the external position.
- The 2026 budget envisages fiscal consolidation and reaffirms a commitment to prudent debt management to preserve macroeconomic stability while addressing critical spending needs.
Macroeconomic developments
- Growth: Overall growth held up in 2025, partly supported by public spending.
- Inflation: Eased from its peak, partly due to tight monetary policy, but remained at double digits.
- Oil sector: Significant decline in oil production led to sharply lower oil revenues.
Fiscal and external positions
- Fiscal: Weakened due to the decline in oil revenues; elevated fiscal financing needs persisted.
- External: Weakened external position associated with lower oil receipts and persistent financing needs.
- Market access: Access to international markets has improved despite fiscal strains.
Revenue composition and credit crowding
- Non-oil sector: Pickup in non-oil economic growth in recent years did not translate into strong non-oil revenues.
- Crowding out: Elevated fiscal financing needs continued to crowd out social spending and private credit.
2026 budget and policy direction
- The 2026 budget envisages fiscal consolidation.
- Reaffirms commitment to prudent debt management to preserve macroeconomic stability while addressing critical spending needs.
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- 1agoea2026001 Source Pdf