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

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

Fourth Review Under the Extended Arrangement Under the Extended Fund Facility and Requests for Modifications of Performance Criteria and Waivers for Performance
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Volume/Issue: Volume 2021 Issue 017
Publication date: January 2021
ISBN: 9781513566979
$18.00
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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Public Finance , ISCR , CR , national bank of Angola , revenue gain , expenditure restraint , Angola's economy , sensitivity to oil price

Summary

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.