Angola: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Angola

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2024 Issue 080

Publication date: March 2024

ISBN: 9798400271380

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Topics covered in this book

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Money and Monetary Policy , International - Economics , Exports and Imports , Economics- Macroeconomics , Public Finance , Business and Economics - Statistics , Industries - Energy , asset declaration regime , policy priority , reducing government's footprint , inflation pressure , AFRITAC South , policy coherence , Energy subsidies , Oil prices , Global

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Summary

Angola’s economic recovery in 2021/22 was nearly halted in 2023 by a double shock, as both oil production and prices weakened, and the debt moratorium ended. In response, the authorities took significant fiscal consolidation measures, including by cutting fuel subsidies, and tightened monetary policy. Angola continues to face significant challenges, including debt vulnerabilities and the need to diversify the economy as oil production declines over the long term. The authorities’ reform agenda, including the new 2023–27 National Development Plan, is focused on these challenges.