Abstract
This 2015 Article IV Consultation highlights that the oil price shock is adversely impacting the economy of Angola. While oil production has recovered following the completion of maintenance work, non-oil GDP growth is expected to decelerate to 2.1 percent in 2015. The economic situation in 2016 is likely to remain challenging as international oil prices are not expected to recover and risks are on the downside. Growth is projected to remain stable at 3.5 percent in 2016, with the oil sector growing by about 4 percent. The non-oil sector is expected to show a small improvement.
Fund Relations
(As of September 30, 2015)
Membership Status: Joined September 19, 1989; Article XIV
General Resources Account:
| SDR Million | Percent | ||
|---|---|---|---|
| Quota | 286.30 | 100.00 | |
| Fund holdings of currency | 433.17 | 151.30 | |
| Reserve tranche position | 0 | 0 | |
| SDR Million | Percent | ||
|---|---|---|---|
| Quota | 286.30 | 100.00 | |
| Fund holdings of currency | 433.17 | 151.30 | |
| Reserve tranche position | 0 | 0 | |
SDR Department:
| SDR Million | Percent | ||
|---|---|---|---|
| Net cumulative allocation | 273.01 | 100.00 | |
| Holdings | 229.19 | 83.95 | |
| SDR Million | Percent | ||
|---|---|---|---|
| Net cumulative allocation | 273.01 | 100.00 | |
| Holdings | 229.19 | 83.95 | |
Outstanding Purchases and Loans:
| SDR Million | Percent | ||
|---|---|---|---|
| Stand-By Arrangements | 146.73 | 51.25 | |
| SDR Million | Percent | ||
|---|---|---|---|
| Stand-By Arrangements | 146.73 | 51.25 | |
Latest Financial Arrangements:
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| Stand-By Arrangement | Nov 23, 2009 | Mar 30, 2012 | 858.90 | 858.90 |
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| Stand-By Arrangement | Nov 23, 2009 | Mar 30, 2012 | 858.90 | 858.90 |
Projected Payments to Fund
(SDR Million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | |
| Principal | 35.79 | 100.21 | 10.74 | … | … |
| Charges/Interest | 0.46 | 0.83 | 0.10 | 0.03 | 0.03 |
| Total | 36.25 | 101.03 | 10.83 | 0.03 | 0.03 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | |
| Principal | 35.79 | 100.21 | 10.74 | … | … |
| Charges/Interest | 0.46 | 0.83 | 0.10 | 0.03 | 0.03 |
| Total | 36.25 | 101.03 | 10.83 | 0.03 | 0.03 |
Implementation of HIPC Initiative: Not Applicable
Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable
Implementation of Catastrophe Debt Relief (CDR): Not Applicable
Safeguards Assessments:1 The first-time safeguards assessment, which was finalized in May 2010, found that the National Bank of Angola (BNA) is subject to annual external audits by a reputable firm and has taken steps to address the audit qualifications. The assessment confirmed, however, weak governance and transparency practices at the BNA, including lack of timely publication of annual financial statements. The assessment also made recommendations to enhance the legal framework and independence of the central bank, and to strengthen the control framework in the reserves management and internal audit areas. Since this assessment, the BNA has adopted measures to enhance governance and accountability, including the production of its financial statements. The 2009 statements were audited and published together with the auditors’ report; the 2010 audit was completed and the results were published on the BNA website in mid-October 2011. Since financial year 2011, the BNA has been publishing on a regular and timely basis its annual financial statements, which are subject to external audit by a reputable international firm. However, the BNA has yet to provide IMF staff the related management letters on internal controls issued by the external auditors as stipulated under the Safeguards Policy. Since 2010, the BNA has introduced and consolidated several supporting bodies to its Board of Directors, such as the Monetary Policy Committee, the Financial Stability Committee, and the Investments Committee. The Board of the BNA has strengthened its internal audit function, and in January 2011, it reconstituted its Audit Board. It also adopted in December 2010 guidelines for the management of international reserves and in May 2011 conducted a first semi-annual internal audit of their implementation.
Exchange Arrangements: The de jure exchange rate arrangement is floating. However, the de facto exchange rate arrangement has been classified as a crawl-like arrangement since September 2014. The BNA closely monitors exchange rate fluctuations to maintain price stability in the economy and frequently intervenes in the foreign exchange market by holding foreign exchange auctions and through direct sales. The BNA receives foreign currency from taxes paid by oil companies to the government, and also buys foreign exchange from oil companies who make payments to residents for services provided to them in kwanza. Then, the BNA sells the foreign currency to the market (either through auctions or direct sales), with special focus on the oil and other priority sectors. The official exchange rate of the kwanza vis-à-vis the U.S. dollar has declined by almost 30 percent since September 2014. International reserves have been used to smooth out the depreciation, declining by about US$3 billion since September 2014, to US$24 billion in September 2015 on a net basis. The BNA publishes the auction results and respective reference rates.
Angola continues to maintain restrictions on the making of payments and transfers for current international transactions under the transitional arrangements of Article XIV, Section 2. The measures maintained pursuant to Article XIV are: (i) limits on the availability of foreign exchange for invisible transactions, such as travel, medical or educational allowances; and (ii) limits on unrequited transfers to foreign-based individuals and institutions. In addition, Angola maintains one exchange restriction subject to Fund jurisdiction under Article VIII, Section 2 resulting from the discriminatory application of the 0.015 percent stamp tax on foreign exchange operations. The exchange restriction on limits on the remittances of dividends and profits from foreign investments has been eliminated with the passage of the new private investment law in August 2015. Angola also maintains two multiple currency practices that are subject to approval under Article VIII, Section 3 arising from: (i) the Dutch foreign exchange auction; and (ii) the discriminatory application of the 0.015 stamp tax on foreign exchange operations. In 2015, Angola introduced new exchange measures, including the priority list for access to U.S. dollars at the official exchange rate and a special tax on transfers to non-residents under contracts for foreign technical assistance or management services. Staff is assessing consistency of these measures, as well as the high spread between the parallel and official exchange rates with Angola’s obligations under Article VIII.
Article IV Consultation: Angola is on the standard 12-month cycle. The next Article IV Consultation is scheduled to be completed by November 2016.
Technical Assistance: Technical assistance activities since 2012 are listed below:
| Monetary and Capital Markets (MCM) | Year of Delivery |
| AFRITAC South: Liquidity Management | 2015 |
| AFRITAC South: Inflation Forecasting Framework (various missions) | 2015 |
| Technical Assistance Needs Assessment | 2013 |
| Technical Assistance Following the FSAP | 2013 |
| AFRITAC South: Risk-Based Supervision Framework | 2013 |
| Fiscal Affairs Department (FAD) | |
| Public Investment Management | 2015 |
| Designing Fiscal Rules to Manage Oil Revenues and Strengthen the | |
| Medium Term Fiscal Framework | 2015 |
| Subsidy Reform | 2014 |
| AFRITAC South: Medium-Term Fiscal Framework (various missions) | 2013, 2014 |
| AFRITAC South: Expenditure control and arrears (various missions) | 2013, 2014 |
| AFRITAC South: Fiscal Responsibility Law and Fiscal Rules | 2014 |
| AFRITAC South: Workshop on MTFF in Resource Rich Countries | 2012 |
| Statistics Department (STA) | |
| AFRITAC South: National Accounts | 2015 |
| Monetary and Financial Statistics | 2014 |
| AFRITAC South: National Accounts | 2012 |
| Migration to GFSM 2001 | 2012 |
| AFRITAC South: Consumer Price Index | 2012 |
| Institute for Capacity Development (ICD) | |
| Financial Programming and Policies for Angolan Officials | 2014 |
| Monetary and Capital Markets (MCM) | Year of Delivery |
| AFRITAC South: Liquidity Management | 2015 |
| AFRITAC South: Inflation Forecasting Framework (various missions) | 2015 |
| Technical Assistance Needs Assessment | 2013 |
| Technical Assistance Following the FSAP | 2013 |
| AFRITAC South: Risk-Based Supervision Framework | 2013 |
| Fiscal Affairs Department (FAD) | |
| Public Investment Management | 2015 |
| Designing Fiscal Rules to Manage Oil Revenues and Strengthen the | |
| Medium Term Fiscal Framework | 2015 |
| Subsidy Reform | 2014 |
| AFRITAC South: Medium-Term Fiscal Framework (various missions) | 2013, 2014 |
| AFRITAC South: Expenditure control and arrears (various missions) | 2013, 2014 |
| AFRITAC South: Fiscal Responsibility Law and Fiscal Rules | 2014 |
| AFRITAC South: Workshop on MTFF in Resource Rich Countries | 2012 |
| Statistics Department (STA) | |
| AFRITAC South: National Accounts | 2015 |
| Monetary and Financial Statistics | 2014 |
| AFRITAC South: National Accounts | 2012 |
| Migration to GFSM 2001 | 2012 |
| AFRITAC South: Consumer Price Index | 2012 |
| Institute for Capacity Development (ICD) | |
| Financial Programming and Policies for Angolan Officials | 2014 |
Resident Representative: Since May 2015 the IMF has a new Resident Representative for Angola (Mr. Max Alier).
Joint Imf-World Bank Management Action Plan
|
|
|||
|---|---|---|---|
| Title | Products | Timing | Delivery Date |
| A. Mutual Information on Relevant Work Programs | |||
| Bank work program in next 12 months | Fiscal Management Programmatic DPF I | June 30, 2015 Board discussion | |
| Smallholder Agriculture Development and Commercialization Project | December 2015 Board discussion | ||
| Water Sector Institutional Development Project | September 2016 Board discussion | ||
| Support to business environment reform | tbd | ||
| Financial Sector Development Strategy | tbd | ||
| Fiscal Management Programmatic DPF II | 2016 | ||
| Supervision of projects under implementation | Continuous | ||
| Third and fourth Angola Economic Update | Ongoing | ||
| IMF work program in next 12 months | Staff Visit | February 2016 | |
| 2016 Article IV Mission | August 2016 | ||
| B. Request for Work Program Inputs | |||
| Fund request to Bank | Regular briefings on the implementation of the DPL conditionality, particularly the cash transfer scheme. | Ongoing | |
| Bank request to Fund | Collaboration on providing full set of macroeconomic framework and tables | Ongoing | |
| C. Agreement on Joint Programs and Missions | |||
| Joint products in next 12 months | Continuous dialogue on economic forecasting and macroeconomic modeling issues Exchange of information and consultations on macroeconomic developments | Continuous Continuous | |
|
|
|||
|---|---|---|---|
| Title | Products | Timing | Delivery Date |
| A. Mutual Information on Relevant Work Programs | |||
| Bank work program in next 12 months | Fiscal Management Programmatic DPF I | June 30, 2015 Board discussion | |
| Smallholder Agriculture Development and Commercialization Project | December 2015 Board discussion | ||
| Water Sector Institutional Development Project | September 2016 Board discussion | ||
| Support to business environment reform | tbd | ||
| Financial Sector Development Strategy | tbd | ||
| Fiscal Management Programmatic DPF II | 2016 | ||
| Supervision of projects under implementation | Continuous | ||
| Third and fourth Angola Economic Update | Ongoing | ||
| IMF work program in next 12 months | Staff Visit | February 2016 | |
| 2016 Article IV Mission | August 2016 | ||
| B. Request for Work Program Inputs | |||
| Fund request to Bank | Regular briefings on the implementation of the DPL conditionality, particularly the cash transfer scheme. | Ongoing | |
| Bank request to Fund | Collaboration on providing full set of macroeconomic framework and tables | Ongoing | |
| C. Agreement on Joint Programs and Missions | |||
| Joint products in next 12 months | Continuous dialogue on economic forecasting and macroeconomic modeling issues Exchange of information and consultations on macroeconomic developments | Continuous Continuous | |
Statistical Issues
Angola—Statistical Issues Appendix
As of September 30, 2015
Angola—Statistical Issues Appendix
As of September 30, 2015
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has shortcomings, but is broadly adequate for surveillance. There are concerns about data quality and timeliness and efforts are underway to strengthen the statistical base, including through technical assistance from the Fund and World Bank. Angola now has several regular and informative statistical publications, reflecting significant progress in the provision of data and transparency in statistical reporting. Progress has been the strongest in the BNA and recently in the National Institute of Statistics (INE). Both now provide and publish much more extensive data on a timely basis. Data delivery and publication from the Ministry of Finance could be significantly improved. Data postings on the Ministry of Finance website include detailed revenues from the oil sector and diamond and reports on public finances with a certain lag. |
|
| National Accounts: INE has released the national accounts for Angola for 2002–13. This is the first issuance of national accounts in Angola and includes annual data on output, expenditures, and income. The national accounts include annual GDP at constant prices using 2002 prices. The Ministry of Planning will continue to issue preliminary estimates and projections of annual GDP (output) for few more years. A quarterly GDP series is in production and is scheduled to be published in 2015. INE also publishes other important data bulletins, including quarterly bulletins on business confidence, industrial production, and on merchandize trade. INE completed a national census count in 2014. This is the first census in the four decades since independence. The census questionnaire covered a substantial collection of information, mostly of a demographic and social nature. | |
| Price Statistics: INE publishes monthly reports on consumer and wholesale price indices. The CPI index was expanded to include consumer prices in all 18 provinces of the country. | |
| Government Finance Statistics: The timeliness and quality of government finance statistics needs to be substantially improved. Revenue and expenditures are correctly recorded on accrual basis but some issues persist when operations above- and below-the-line are reconciled. Of the utmost importance is that consolidated and detailed fiscal data is published regularly (at least quarterly) in electronic format at the Ministry of Finance web page. It would also be important to publish the data in excel—currently published in PDF, rendering it difficult for analysis—and in nominal values (rather than percentage changes) and updating the numbers as they are revised. Information on oil revenues is published monthly with great detail but it would be more useful for analysts and stakeholders if it is published as spreadsheet instead of PDF images. A detailed report on the evolution of oil revenues is published on a quarterly basis but with some lag. Thus far, the Ministry of Finance reports on a “modified” GFSM 1986 by using an adjustor to reconcile numbers above the line (registered on an accrual basis) with those below the line (registered on cash basis). In time, the Ministry of Finance should start a comprehensive migration toward the GFSM 2001 standard. | |
| Monetary and Financial Statistics: Data for the depository corporation survey and the balance sheet of the BNA have been revised with the help of STA technical assistance. The data are now based on the new standardized report forms. The BNA delivers data to the IMF on a timely basis. It also publishes comprehensive data on its webpage on a monthly basis. The BNA has also started to publish other very important reports. These include a quarterly inflation report as well as its annual report (summarizing monetary and macroeconomic as well as inflation developments), and a six-monthly financial stability report (assessing the stability of the financial system). | |
| Financial Sector Surveillance: BNA data on financial soundness indicators should be published at regular frequency (e.g., 30 or 60 days after the end of each quarter). The usefulness of the BNA’s Financial Stability Report could be enhanced by being more up to date, as there is currently a long lag between the period the report refers to and the time it is published (e.g., the latest report, published at end-May 2015, refers to the first half of 2014). | |
| External Sector Statistics: The balance of payments and international investment position are compiled in line with the recommendations of the fifth edition of the IMF’s Balance of Payments Manual. These statistics are compiled and disseminated annually, with a lag of nine months after the reference period. A technical assistance mission from STA on external sector statistics was conducted in July 2010. It noted that few of the recommendations made by the previous missions had been implemented and that little progress had been made in strengthening the compilation framework. The technical units are understaffed and there are problems of non compliance with data reporting requirements by resident enterprises. The authorities have made progress regarding the methodological soundness of classification of balance of payments transactions. Nonetheless, some inconsistencies have been found, especially regarding the classification of transactions involving arrears and SDRs. The IIP shows important inconsistencies with the balance of payments. Coverage and timeliness of source data remain a major shortcoming. A follow-up technical assistance mission will be conducted in November 2015. | |
| II. Data Standards and Quality | |
| The authorities are committed to using the General Data Dissemination System (GDDS) to improve the statistical system. Angola started participating in the GDDS in January 29, 2004 and metadata were posted on the IMF’s Dissemination Standards Bulletin Board. | |
Angola—Statistical Issues Appendix
As of September 30, 2015
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has shortcomings, but is broadly adequate for surveillance. There are concerns about data quality and timeliness and efforts are underway to strengthen the statistical base, including through technical assistance from the Fund and World Bank. Angola now has several regular and informative statistical publications, reflecting significant progress in the provision of data and transparency in statistical reporting. Progress has been the strongest in the BNA and recently in the National Institute of Statistics (INE). Both now provide and publish much more extensive data on a timely basis. Data delivery and publication from the Ministry of Finance could be significantly improved. Data postings on the Ministry of Finance website include detailed revenues from the oil sector and diamond and reports on public finances with a certain lag. |
|
| National Accounts: INE has released the national accounts for Angola for 2002–13. This is the first issuance of national accounts in Angola and includes annual data on output, expenditures, and income. The national accounts include annual GDP at constant prices using 2002 prices. The Ministry of Planning will continue to issue preliminary estimates and projections of annual GDP (output) for few more years. A quarterly GDP series is in production and is scheduled to be published in 2015. INE also publishes other important data bulletins, including quarterly bulletins on business confidence, industrial production, and on merchandize trade. INE completed a national census count in 2014. This is the first census in the four decades since independence. The census questionnaire covered a substantial collection of information, mostly of a demographic and social nature. | |
| Price Statistics: INE publishes monthly reports on consumer and wholesale price indices. The CPI index was expanded to include consumer prices in all 18 provinces of the country. | |
| Government Finance Statistics: The timeliness and quality of government finance statistics needs to be substantially improved. Revenue and expenditures are correctly recorded on accrual basis but some issues persist when operations above- and below-the-line are reconciled. Of the utmost importance is that consolidated and detailed fiscal data is published regularly (at least quarterly) in electronic format at the Ministry of Finance web page. It would also be important to publish the data in excel—currently published in PDF, rendering it difficult for analysis—and in nominal values (rather than percentage changes) and updating the numbers as they are revised. Information on oil revenues is published monthly with great detail but it would be more useful for analysts and stakeholders if it is published as spreadsheet instead of PDF images. A detailed report on the evolution of oil revenues is published on a quarterly basis but with some lag. Thus far, the Ministry of Finance reports on a “modified” GFSM 1986 by using an adjustor to reconcile numbers above the line (registered on an accrual basis) with those below the line (registered on cash basis). In time, the Ministry of Finance should start a comprehensive migration toward the GFSM 2001 standard. | |
| Monetary and Financial Statistics: Data for the depository corporation survey and the balance sheet of the BNA have been revised with the help of STA technical assistance. The data are now based on the new standardized report forms. The BNA delivers data to the IMF on a timely basis. It also publishes comprehensive data on its webpage on a monthly basis. The BNA has also started to publish other very important reports. These include a quarterly inflation report as well as its annual report (summarizing monetary and macroeconomic as well as inflation developments), and a six-monthly financial stability report (assessing the stability of the financial system). | |
| Financial Sector Surveillance: BNA data on financial soundness indicators should be published at regular frequency (e.g., 30 or 60 days after the end of each quarter). The usefulness of the BNA’s Financial Stability Report could be enhanced by being more up to date, as there is currently a long lag between the period the report refers to and the time it is published (e.g., the latest report, published at end-May 2015, refers to the first half of 2014). | |
| External Sector Statistics: The balance of payments and international investment position are compiled in line with the recommendations of the fifth edition of the IMF’s Balance of Payments Manual. These statistics are compiled and disseminated annually, with a lag of nine months after the reference period. A technical assistance mission from STA on external sector statistics was conducted in July 2010. It noted that few of the recommendations made by the previous missions had been implemented and that little progress had been made in strengthening the compilation framework. The technical units are understaffed and there are problems of non compliance with data reporting requirements by resident enterprises. The authorities have made progress regarding the methodological soundness of classification of balance of payments transactions. Nonetheless, some inconsistencies have been found, especially regarding the classification of transactions involving arrears and SDRs. The IIP shows important inconsistencies with the balance of payments. Coverage and timeliness of source data remain a major shortcoming. A follow-up technical assistance mission will be conducted in November 2015. | |
| II. Data Standards and Quality | |
| The authorities are committed to using the General Data Dissemination System (GDDS) to improve the statistical system. Angola started participating in the GDDS in January 29, 2004 and metadata were posted on the IMF’s Dissemination Standards Bulletin Board. | |
Table of Common Indicators Required for Surveillance
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Table of Common Indicators Required for Surveillance
| Date of latest observation (mm/dd/yy) | Date received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | 09/30/15 | 09/30/15 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 08/15 | 09/15 | M | M | M |
| Reserve/Base Money | 08/15 | 09/15 | M | M | M |
| Broad Money | 08/15 | 09/15 | M | M | M |
| Central Bank Balance Sheet | 08/15 | 09/15 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 08/15 | 09/15 | M | M | M |
| Interest Rates2 | 08/15 | 08/15 | M | M | M |
| Consumer Price Index | 08/15 | 09/15 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | NA | NA | NA | NA | NA |
| Revenue, Expenditure, Balance and Composition of Financing3- Central Government | 06/15 | 08/15 | Q | Q | Q |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 12/14 | 08/15 | A | A | A |
| External Current Account Balance | 12/2014 (est.) | 08/15 | A | A | A |
| Exports and Imports of Goods and Services | 12/2014 (est.) | 08/15 | A | A | A |
| GDP/GNP | 12/2014 (est.) | 08/15 | A | A | A |
| Gross External Debt | 12/14 | 08/15 | A | A | A |
| International Investment Position6 | 12/2014 | 07/15 | A | I | A |
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Table of Common Indicators Required for Surveillance
| Date of latest observation (mm/dd/yy) | Date received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | 09/30/15 | 09/30/15 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 08/15 | 09/15 | M | M | M |
| Reserve/Base Money | 08/15 | 09/15 | M | M | M |
| Broad Money | 08/15 | 09/15 | M | M | M |
| Central Bank Balance Sheet | 08/15 | 09/15 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 08/15 | 09/15 | M | M | M |
| Interest Rates2 | 08/15 | 08/15 | M | M | M |
| Consumer Price Index | 08/15 | 09/15 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | NA | NA | NA | NA | NA |
| Revenue, Expenditure, Balance and Composition of Financing3- Central Government | 06/15 | 08/15 | Q | Q | Q |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 12/14 | 08/15 | A | A | A |
| External Current Account Balance | 12/2014 (est.) | 08/15 | A | A | A |
| Exports and Imports of Goods and Services | 12/2014 (est.) | 08/15 | A | A | A |
| GDP/GNP | 12/2014 (est.) | 08/15 | A | A | A |
| Gross External Debt | 12/14 | 08/15 | A | A | A |
| International Investment Position6 | 12/2014 | 07/15 | A | I | A |
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
For a description of the IMF Safeguards Assessment framework, see http://www.imf.org/external/np/exr/facts/safe.htm.