Angola: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Angola

International Monetary Fund

No 2025/062, IMF Staff Country Reports from International Monetary Fund

Abstract: The economy recovered in 2024 as oil sector rebounded from its slump. However, fiscal consolidation efforts somewhat waned, auguring the start of a political cycle. Buffers built during the 2018–21 EFF—supported program are being eroded by fiscal slippages from higher capital expenditures and a slower fuel subsidy reform. Nevertheless, public debt relative to GDP declined in 2024, benefiting from high nominal GDP growth and debt repayments. High external debt service constrains development spending, while oil dependence represents a drag on sustainable growth. Inflation remains elevated, fueled by exchange rate depreciation, and import substitution measures that have restricted food supply. The National Development Plan 2023–27 remains the main element for the authorities’ diversification strategy.

Keywords: AFRITAC South; debt management effort; production capacity; inflation expectation; policy transmission; Credit; Inflation; Global; Africa (search for similar items in EconPapers)
Pages: 79
Date: 2025-03-05
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