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International Monetary Fund

This paper discusses a request from Angola for a Stand-By-Arrangement (SBA). The requested SBA aims to support orderly policy adjustments to restore macroeconomic balances and rebuild international reserves. This program also includes a focused reform agenda aimed at medium-term structural issues on which long-term non-oil sector growth will ultimately depend. IMF staff and the authorities have agreed that, while the policy mix should consider all possible instruments geared toward achieving these objectives, fiscal policy should play the lead role in the policy package.

International Monetary Fund

This paper discusses key findings of the First Review Under the Stand-By Arrangement for Angola. The paper reveals that the authorities’ reforms are beginning to bear fruit in terms of achieving key program goals. The heavy foreign exchange market pressures that were evident at the program negotiations stage (September 2009) have eased. The reintroduction of the foreign exchange auction system has led to a significant and orderly adjustment in the official rate, and together with a modest appreciation of the parallel rate, has narrowed the spread between the two markets.

International Monetary Fund

The Executive Board of the IMF has completed the fifth review of Angola’s economic performance under a program supported by the Stand-By Arrangement. The Board’s decision enables the immediate disbursement of an amount equal to SDR 85.9 million, bringing total disbursements under the arrangement with Angola to an amount equal to SDR 773.01 million. The Angolan authorities should be commended for strong performance under the IMF-supported stabilization and reform program. The sustained fiscal adjustment, helped by higher oil prices, has fostered reserve accumulation, a stable exchange rate, and declining inflation.

International Monetary Fund

The staff report for the 2007 Article IV Consultation on Angola highlights economic performance, macroeconomic stability, and fiscal policy. Growth in the medium term will rely increasingly on the non-oil sector, where reforms to promote private sector development will be critical to offset a potential loss in competitiveness from an appreciating real exchange rate. A key challenge is to ensure that political pressure to scale up public spending does not undermine macroeconomic stability. Lower output growth and oil revenues than envisaged in the baseline scenario could jeopardize public and external debt sustainability.

International Monetary Fund

The Executive Board of the IMF has completed the fifth review of Angola’s economic performance under a program supported by the Stand-By Arrangement. The Board’s decision enables the immediate disbursement of an amount equal to SDR 85.9 million, bringing total disbursements under the arrangement with Angola to an amount equal to SDR 773.01 million. The Angolan authorities should be commended for strong performance under the IMF-supported stabilization and reform program. The sustained fiscal adjustment, helped by higher oil prices, has fostered reserve accumulation, a stable exchange rate, and declining inflation.

International Monetary Fund. External Relations Dept.

Since the end of violent conflict in April 2002, about 4 million displaced Angolans have returned to their communities, supported by a government-led initiative to provide emergency food aid and humanitarian assistance. Much remains to be done, however, to tackle widespread poverty, improve social and health conditions, and restore and update the physical infrastructure. In addition, the civil conflict has left the country with a sizable debt, a swollen public sector payroll, and largely unaccountable state institutions that dominate critical areas of the economy.