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

International Monetary Fund

No 2021/017, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; national bank of Angola; revenue gain; expenditure restraint; Angola's economy; sensitivity to oil price (search for similar items in EconPapers)
Pages: 87
Date: 2021-01-19
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