Companies continue to battle with commodity shortages,. Recession lasts for the third consecutive year. Like in many sub-Saharan economies, private consumption in Angola. But lower public spending, high inflation levels and the weak. Looking ahead, financial and policy support from the IMF should bring. More precisely we. GDP expansion coming from stabilisation of oil production and ii. Chart 1. Nevertheless, the outlook remains highly uncertain. Despite political. Although recent moves to. Impressive progress was made on reducing the size of the fiscal deficit. The kwanza's depreciation increased the value of US dollar-.

The government used most of its. Chart 2. Oil production has declined continuously, from 1.

The period of near-paralysis was also due to. Located km from the Luanda coast, this is the biggest deep-water oil project in. Angola with two production and storage units. Overall production is estimated to be.

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Today the first FPSO floating production storage and offloading. January and December and clear domestic payments arrears in Fiscal Financing Needs and Sources, Public Debt RHS. Interest expenditu re. Total revenue s. Budget Balanc e. Total expenditu re. Gross financing need s. Overall deficit. Arrear s. Debt amortizatio n. Gross financing sources. Debt issuanc e.

Externa l. Table 2. Chart 3. According to the draft Budget document, the government. The large gross financing needs in are estimated by the IMF to. The amount is sizeable and. Therefore, Angola remains highly dependent on external funding. This optimistic forecast. But following a weaker international oil price outlook.

In , the Treasury depleted its cash buffers and issued.

Angola Exchange Rate Chart

USD 3. The introduction of VAT in July will provide some support to non-. Moreover, government efforts. Through international legal actions, it continues to. The new management is. The authorities are. As a result, we expect public finances to remain in deficit in The kwanza's major depreciation in the transition to a more flexible budget generates surpluses and government debt is below 60 percent.

Therefore, public debt is projected to reach more than Their capacity to generate income, hence. Energy-related Sonangol is.

The heavy debt burden also adds to the government's financing. Therefore, negative. According to IMF, Angola uncollateralized loan agreements with several creditors.

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Angola has succeeded in maintaining good relations with China, securing a new. Except that the tax will be applied to the companies described as major. The program would include closing insolvent. Reaching inflation target will take time.

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SOEs and privatizing or restructuring those that are economically viable. Moreover, the creation of a new oversight institute under the Ministry of. Finance is expected to strengthen SOE governance and monitoring. SOEs' Non-financial Performances. BNA's Inflation target. Chart 5. Net Worth. Net Income.

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Chart 4. The current account balance is expected to post a surplus in In , the trade surplus generated by the recovery in. The Banco Nacional de Angola BNA official priority remains achieving oil prices was enough to offset the deficits in the balances of services. But based on our oil forecast in average of USD Traditionally one of the largest recipients of foreign direct investment. In most of the oil. This was possible thanks to both some companies repatriated some of their investments abroad, which led to a.

Moreover, foreign FDI inflows remain.

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Resident FDI outflows have fallen so far. This disinflationary trend allowed the Central contracting fx reserves has shifted the net international investment. Bank to begin a cycle of gradual monetary easing in July by position NIIP into negative territory s o far. The Central Bank lowered again the key. TAAG, and public guarantees denominated in foreign currency, as we. In the government introduced price limits for basic goods, centralised flour. The parallel market was already the norm in many transactions.