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 by the Executive Director for Angola

Author: International Monetary Fund. African Dept.

Publication Date:: 19 Jan 2021

eISBN:: 9781513566979

Language:: English

Keywords:: ISCR; CR; national bank of Angola; revenue gain; expenditure restraint; Angola's economy; sensitivity to oil price; rollover rate; IMF staff estimate; accounts payable; transfer program; price discovery; Oil; Oil prices; Global

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Fourth Review Under the Extended Arrangement Under the Extended Fund Facility and Requests for Modifications of Performance Criteria and Waivers for Performance

Abstract

Fourth Review Under the Extended Arrangement Under the Extended Fund Facility and Requests for Modifications of Performance Criteria and Waivers for Performance

Recovering from the Covid-19 Pandemic

1. Angola continues to face challenges on multiple fronts related to the COVID-19 shocks. Coming after four consecutive years of recession, the shocks from COVID-19 have driven an even larger output contraction in 2020. This decline has compounded the hardship for many Angolans, who were already facing high levels of poverty and falling incomes.¹ Containment measures, especially a country-wide lockdown, depressed domestic activity, while Angola also experienced large terms-of-trade and balance of payments shocks. The number of COVID infections has not been as high as initially feared, although it has risen recently.

Oil exports remain weak. Global oil prices began to recover in late 2020, but only partially. With activity and maintenance disrupted by the pandemic, oil and gas production dropped by about 6 percent in 2020.
The non-oil economy is recovering only gradually. Non-oil GDP output plunged 9.2 percent y/y in Q2 2020, at the height of lockdown measures. Resilient agriculture growth provided a modest counterbalance. Activity appears to have recovered partially in the second half of the year, but with lingering balance sheet effects and extended high unemployment, demand has likely remained muted. Staff expect non-oil output to contract by 2.9 percent for the year.
Inflation remains high. Inflation rose throughout 2020 and is expected to end the year at 25 percent. This rise was driven by COVID-related supply disruptions (both domestic and international), exchange rate depreciation, and the modification of the new value-added tax (VAT) in September 2020. Food inflation has risen even faster (31 percent y/y in October), disproportionately hitting some more vulnerable segments of the population.
Strong fiscal consolidation has continued in 2020 despite the recession. The non-oil primary fiscal deficit (NOPFD) in 2020 is projected to narrow more than expected, down to 4.3 percent of GDP (significantly below the 5.7 percent recorded in 2019 and 5.9 percent projected for 2020 at the time of the Third Review). In addition to overperformance on non-oil revenues in the first half of the year (especially for VAT and corporate income tax (CIT)), revenue measures in the July supplementary budget delivered an additional 0.2 percent of GDP. The nominal freeze on non-essential spending on goods and services (at 2019 levels) and on new hiring (except in the education and health sectors) also delivered substantial savings. Social assistance spending has been safeguarded, however, with the end-June 2020 indicative target (IT) met. Despite these efforts, the public debt ratio is expected to peak at over 130 percent of GDP by the end of 2020, mostly because of exchange rate depreciation.
Angola’s external position has weakened substantially in 2020. With the slump in global oil prices, compounded by a decline in oil production, goods export receipts are projected to drop by 40 percent. The impact on the current account has been partially mitigated by a large contraction in imports, driven by real depreciation and the fall in domestic demand, and by reduced oil company profit transfers abroad. Overall, the current account balance is projected to shift from a large surplus to a small deficit (¾ percent of GDP). The financial account deficit is also projected to widen in 2020, as the absence of market access and larger deposit outflows more than offset the impact of reduced net foreign direct investment outflows (as overseas oil companies supported their Angolan subsidiaries). While exceptional financing, reflecting bilateral debt reprofiling and the G20 Debt Service Suspension Initiative (DSSI), substantially mitigated the balance of payments (BOP) deterioration, it has also been partly financed by gross international reserves (GIR) drawdown, with reserve import coverage declining 2 months to 9.9 months (Tables 4a–4b).
Banks remain vulnerable to shocks in the current fragile economic context. Banks are operating in a challenging environment of protracted recession, high inflationary pressures, and a continued depreciation of the Kwanza. Banks record high levels of nonperforming loans (NPLs) and their asset quality has been further challenged by the COVID-19 pandemic. Capital levels remain adequate, however, for all but two banks (below).

^{Table 1.}

Angola: Main Economic Indicators, 2019–23

Sources: Angolan authorities; and IMF staff estimates and projections.

^¹Includes debt of the Central Government, external debt of state oil company Sonangol and state airline company TAAG, and guaranteed debt.

^²Includes debt guaranteed and excludes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^³Excludes debt guaranteed and includes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^{Table 1.}

Angola: Main Economic Indicators, 2019–23

			2019		2020		2021		2022		2023
			3rd Rev.	Est	3rd Rev.	Proj.	3rd Rev.	Proj.	3rd Rev.	Proj.	3rd Rev.	Proj.
Real economy (percent change, except where otherwise indicated)
		Real gross domestic product	-0.9	-0.6	-4.0	-4.0	3.2	0.4	3.0	2.4	3.9	3.5
		Oil sector	-6.6	-6.5	-6.8	-6.3	6.1	-6.2	1.6	0.0	1.6	0.0
		Non-oil sector	1.4	1.8	-2.8	-2.9	2.3	2.5	3.5	3.3	4.8	4.7
	Nominal gross domestic product (GDP)		21.8	22.1	8.9	10.5	27.7	29.7	17.9	15.1	12.8	11.7
		Oil sector	27.5	27.3	-12.5	-9.6	40.9	43.2	17.6	10.5	9.3	5.4
		Non-oil sector	19.5	19.9	18.2	19.2	23.4	25.3	18.0	16.9	14.1	14.0
	GDP deflator		22.9	22.8	13.4	15.1	23.7	29.3	14.5	12.4	8.6	8.0
	Non-oil GDP deflator		17.8	17.8	21.6	22.9	20.6	22.2	14.0	13.1	8.9	8.9
	Consumer prices (annual average)		17.1	17.1	21.0	22.3	20.6	22.2	14.0	13.1	8.9	8.9
	Consumer prices (end of period)		16.9	16.9	22.2	25.0	19.6	18.7	10.0	10.0	8.0	8.0
	Gross domestic product (billions of kwanzas)		32,622	32,690	35,518	36,133	45,349	46,879	53,459	53,965	60,322	60,300
		Oil gross domestic product (billions of kwanzas)	9,899	9,882	8,658	8,936	12,202	12,800	14,345	14,142	15,683	14,904
		Non-oil gross domestic product (billions of kwanzas)	22,723	22,808	26,861	27,197	33,147	34,079	39,114	39,824	44,639	45,397
	Gross domestic product (billions of U.S. dollars)		89.4	89.6	62.7	61.9	68.1	61.4	72.4	64.2	78.6	69.0
	Gross domestic product per capita (U.S. dollars)		2,968	2,974	2,021	1,996	2,130	1,920	2,198	1,950	2,318	2,034
Central government (percent of GDP)
	Total revenue		20.0	20.0	17.9	18.2	19.7	20.3	20.2	20.4	20.1	20.0
		Of which: Oil-related	12.1	12.1	10.2	9.2	11.4	11.7	11.4	11.3	11.1	10.6
		Of which: Non-oil tax	6.5	6.4	6.6	7.5	7.1	7.3	7.7	7.8	7.9	8.0
	Total expenditure		19.2	19.2	20.7	19.9	19.8	20.0	19.3	19.0	18.5	18.5
		Current expenditure	15.8	15.8	17.9	15.5	16.8	16.8	16.0	15.7	15.1	15.2
		Capital spending	3.5	3.4	2.8	4.4	3.0	3.2	3.3	3.3	3.4	3.3
	Overall fiscal balance		0.8	0.7	-2.8	-1.7	-0.1	0.3	1.0	1.4	1.7	1.4
	Non-oil primary fiscal balance		-5.7	-5.7	-5.9	-4.3	-5.0	-4.4	-4.4	-3.8	-4.1	-3.7
	Non-oil primary fiscal balance (percent of non-oil GDP)		-8.2	-8.2	-7.9	-5.7	-6.9	-6.0	-6.0	-5.1	-5.5	-4.9
Money and credit (end of period, percent change)
	Broad money (M2)		30.2	30.2	4.2	15.0	22.5	23.8	12.8	11.0	12.5	12.5
		Percent of GDP	31.3	31.3	30.0	32.5	28.7	31.0	27.5	29.9	27.4	30.1
	Velocity (GDP/M2)		3.2	3.2	3.3	3.1	3.5	3.2	3.6	3.3	3.6	3.3
	Velocity (non-oil GDP/M2)		2.2	2.2	2.5	2.3	2.5	2.3	2.7	2.5	2.7	2.5
	Credit to the private sector (annual percent change)		25.9	21.7	7.6	-6.0	26.4	18.5	25.2	25.9	15.2	15.1
Balance of payments
	Trade balance (percent of GDP)		23.0	23.0	16.7	16.6	19.9	20.1	20.9	19.4	20.7	18.6
	Exports of goods, f.o.b. (percent of GDP)		38.8	38.8	33.4	33.8	36.6	37.6	37.0	36.8	36.1	35.1
		Of which : Oil and gas exports (percent of GDP)	36.6	36.4	31.0	31.3	34.1	34.8	34.0	33.4	33.0	31.5
	Imports of goods, f.o.b. (percent of GDP)		15.8	15.8	16.7	17.1	16.7	17.6	16.1	17.3	15.5	16.5
	Terms of trade (percent change)		-11.2	-11.6	-37.8	-38.5	18.9	10.1	-1.4	-4.9	5.7	2.2
	Current account balance (percent of GDP)		5.7	5.7	-1.3	-0.7	0.1	0.6	0.9	-0.3	0.9	-0.7
	Gross international reserves (end of period, millions of U.S. dollars)		17,321	17,211	15,582	14,102	16,914	15,218	18,114	15,218	19,114	15,468
	Gross international reserves (months of next year’s imports)		12.4	12.4	9.9	9.9	10.2	10.0	10.2	9.6	10.3	9.3
	Net international reserves (end of period, millions of U.S. dollars)		11,302	11,712	8,100	8,085	7,968	8,187	9,168	8,687	10,266	9,030
Exchange rate
	Official exchange rate (average, kwanzas per U.S. dollar)		365	365	…	…	…	…	…	…	…	…
	Official exchange rate (end of period, kwanzas per U.S. dollar)		482	482	…	…	…	…	…	…	…	…
Public debt (percent of GDP)
	Public sector debt (gross)¹		109.2	107.1	120.3	134.2	107.5	119.9	93.8	106.7	83.7	97.2
		Of which : Central Government debt and Sonangol²	108.9	106.8	120.0	133.9	107.2	119.6	93.5	106.4	83.4	97.0
		Of which : Central Government debt³	105.6	102.7	116.4	126.4	103.9	112.8	90.9	100.8	80.7	91.2
Oil
	Oil and gas production (millions of barrels per day)		1.493	1.493	1.392	1.399	1.477	1.313	1.500	1.313	1.524	1.313
	Oil and gas exports (billions of U.S. dollars)		32.7	32.6	19.4	19.4	23.2	21.3	24.6	21.4	25.9	21.7
	Angola oil price (average, U.S. dollars per barrel)		65.2	65.0	39.8	39.6	44.9	46.2	46.9	46.4	48.5	46.9
	Brent oil price (average, U.S. dollars per barrel)		64.0	64.0	42.8	42.1	47.5	48.1	49.1	48.2	50.4	48.7

Sources: Angolan authorities; and IMF staff estimates and projections.

^¹Includes debt of the Central Government, external debt of state oil company Sonangol and state airline company TAAG, and guaranteed debt.

^²Includes debt guaranteed and excludes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^³Excludes debt guaranteed and includes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^{Table 1.}

Angola: Main Economic Indicators, 2019–23

			2019		2020		2021		2022		2023
			3rd Rev.	Est	3rd Rev.	Proj.	3rd Rev.	Proj.	3rd Rev.	Proj.	3rd Rev.	Proj.
Real economy (percent change, except where otherwise indicated)
		Real gross domestic product	-0.9	-0.6	-4.0	-4.0	3.2	0.4	3.0	2.4	3.9	3.5
		Oil sector	-6.6	-6.5	-6.8	-6.3	6.1	-6.2	1.6	0.0	1.6	0.0
		Non-oil sector	1.4	1.8	-2.8	-2.9	2.3	2.5	3.5	3.3	4.8	4.7
	Nominal gross domestic product (GDP)		21.8	22.1	8.9	10.5	27.7	29.7	17.9	15.1	12.8	11.7
		Oil sector	27.5	27.3	-12.5	-9.6	40.9	43.2	17.6	10.5	9.3	5.4
		Non-oil sector	19.5	19.9	18.2	19.2	23.4	25.3	18.0	16.9	14.1	14.0
	GDP deflator		22.9	22.8	13.4	15.1	23.7	29.3	14.5	12.4	8.6	8.0
	Non-oil GDP deflator		17.8	17.8	21.6	22.9	20.6	22.2	14.0	13.1	8.9	8.9
	Consumer prices (annual average)		17.1	17.1	21.0	22.3	20.6	22.2	14.0	13.1	8.9	8.9
	Consumer prices (end of period)		16.9	16.9	22.2	25.0	19.6	18.7	10.0	10.0	8.0	8.0
	Gross domestic product (billions of kwanzas)		32,622	32,690	35,518	36,133	45,349	46,879	53,459	53,965	60,322	60,300
		Oil gross domestic product (billions of kwanzas)	9,899	9,882	8,658	8,936	12,202	12,800	14,345	14,142	15,683	14,904
		Non-oil gross domestic product (billions of kwanzas)	22,723	22,808	26,861	27,197	33,147	34,079	39,114	39,824	44,639	45,397
	Gross domestic product (billions of U.S. dollars)		89.4	89.6	62.7	61.9	68.1	61.4	72.4	64.2	78.6	69.0
	Gross domestic product per capita (U.S. dollars)		2,968	2,974	2,021	1,996	2,130	1,920	2,198	1,950	2,318	2,034
Central government (percent of GDP)
	Total revenue		20.0	20.0	17.9	18.2	19.7	20.3	20.2	20.4	20.1	20.0
		Of which: Oil-related	12.1	12.1	10.2	9.2	11.4	11.7	11.4	11.3	11.1	10.6
		Of which: Non-oil tax	6.5	6.4	6.6	7.5	7.1	7.3	7.7	7.8	7.9	8.0
	Total expenditure		19.2	19.2	20.7	19.9	19.8	20.0	19.3	19.0	18.5	18.5
		Current expenditure	15.8	15.8	17.9	15.5	16.8	16.8	16.0	15.7	15.1	15.2
		Capital spending	3.5	3.4	2.8	4.4	3.0	3.2	3.3	3.3	3.4	3.3
	Overall fiscal balance		0.8	0.7	-2.8	-1.7	-0.1	0.3	1.0	1.4	1.7	1.4
	Non-oil primary fiscal balance		-5.7	-5.7	-5.9	-4.3	-5.0	-4.4	-4.4	-3.8	-4.1	-3.7
	Non-oil primary fiscal balance (percent of non-oil GDP)		-8.2	-8.2	-7.9	-5.7	-6.9	-6.0	-6.0	-5.1	-5.5	-4.9
Money and credit (end of period, percent change)
	Broad money (M2)		30.2	30.2	4.2	15.0	22.5	23.8	12.8	11.0	12.5	12.5
		Percent of GDP	31.3	31.3	30.0	32.5	28.7	31.0	27.5	29.9	27.4	30.1
	Velocity (GDP/M2)		3.2	3.2	3.3	3.1	3.5	3.2	3.6	3.3	3.6	3.3
	Velocity (non-oil GDP/M2)		2.2	2.2	2.5	2.3	2.5	2.3	2.7	2.5	2.7	2.5
	Credit to the private sector (annual percent change)		25.9	21.7	7.6	-6.0	26.4	18.5	25.2	25.9	15.2	15.1
Balance of payments
	Trade balance (percent of GDP)		23.0	23.0	16.7	16.6	19.9	20.1	20.9	19.4	20.7	18.6
	Exports of goods, f.o.b. (percent of GDP)		38.8	38.8	33.4	33.8	36.6	37.6	37.0	36.8	36.1	35.1
		Of which : Oil and gas exports (percent of GDP)	36.6	36.4	31.0	31.3	34.1	34.8	34.0	33.4	33.0	31.5
	Imports of goods, f.o.b. (percent of GDP)		15.8	15.8	16.7	17.1	16.7	17.6	16.1	17.3	15.5	16.5
	Terms of trade (percent change)		-11.2	-11.6	-37.8	-38.5	18.9	10.1	-1.4	-4.9	5.7	2.2
	Current account balance (percent of GDP)		5.7	5.7	-1.3	-0.7	0.1	0.6	0.9	-0.3	0.9	-0.7
	Gross international reserves (end of period, millions of U.S. dollars)		17,321	17,211	15,582	14,102	16,914	15,218	18,114	15,218	19,114	15,468
	Gross international reserves (months of next year’s imports)		12.4	12.4	9.9	9.9	10.2	10.0	10.2	9.6	10.3	9.3
	Net international reserves (end of period, millions of U.S. dollars)		11,302	11,712	8,100	8,085	7,968	8,187	9,168	8,687	10,266	9,030
Exchange rate
	Official exchange rate (average, kwanzas per U.S. dollar)		365	365	…	…	…	…	…	…	…	…
	Official exchange rate (end of period, kwanzas per U.S. dollar)		482	482	…	…	…	…	…	…	…	…
Public debt (percent of GDP)
	Public sector debt (gross)¹		109.2	107.1	120.3	134.2	107.5	119.9	93.8	106.7	83.7	97.2
		Of which : Central Government debt and Sonangol²	108.9	106.8	120.0	133.9	107.2	119.6	93.5	106.4	83.4	97.0
		Of which : Central Government debt³	105.6	102.7	116.4	126.4	103.9	112.8	90.9	100.8	80.7	91.2
Oil
	Oil and gas production (millions of barrels per day)		1.493	1.493	1.392	1.399	1.477	1.313	1.500	1.313	1.524	1.313
	Oil and gas exports (billions of U.S. dollars)		32.7	32.6	19.4	19.4	23.2	21.3	24.6	21.4	25.9	21.7
	Angola oil price (average, U.S. dollars per barrel)		65.2	65.0	39.8	39.6	44.9	46.2	46.9	46.4	48.5	46.9
	Brent oil price (average, U.S. dollars per barrel)		64.0	64.0	42.8	42.1	47.5	48.1	49.1	48.2	50.4	48.7

Sources: Angolan authorities; and IMF staff estimates and projections.

^¹Includes debt of the Central Government, external debt of state oil company Sonangol and state airline company TAAG, and guaranteed debt.

^²Includes debt guaranteed and excludes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^³Excludes debt guaranteed and includes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^{Table 2a.}

Angola: Statement of Central Government Operations, 2019–23

(Billions of kwanzas, unless otherwise indicated)

Sources: Angolan authorities; and IMF staff estimates and projections.

^¹Historical figures may include valuation effects related to foreign-currency denominated deposits. Projections for 2020–23 include deposit withdrawals from FSDEA.

^²Includes repayment of debt owed to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^³Spending on education, health, social protection, and housing and community services. For 2020 onwards are projected floors.

^⁴Includes debt of the Central Government, external debt of state oil company Sonangol and state airline company TAAG, and guaranteed debt.

^⁵Includes debt guaranteed and excludes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^⁶Excludes debt guaranteed and includes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^{Table 2a.}

Angola: Statement of Central Government Operations, 2019–23

(Billions of kwanzas, unless otherwise indicated)

					2019		2020		2021		2022		2023
					3rd Rev.	Prel.	3rd Rev.	Pr oj.	3rd Rev.	Proj.	3rd Rev.	Pro j.	3rd Rev.	Proj.
Revenue					6,529	6,530	6,367	6,578	8,924	9,531	10,825	11,013	12,130	12,031
	Taxes				6,058	6,058	5,955	6,063	8,417	8,916	10,227	10,293	11,447	11,211
		Oil			3,952	3,952	3,620	3,337	5,175	5,495	6,093	6,072	6,670	6,399
		Non-oil			2,105	2,105	2,335	2,726	3,242	3,420	4,134	4,222	4,777	4,812
	Social contributions				311	311	245	321	302	328	357	383	407	437
	Grants				3	3	0	2	0	0	0	0	0	0
	Other revenue				157	158	166	192	205	288	242	336	276	383
Expenditure					6,271	6,291	7,364	7,202	8,983	9,397	10,301	10,264	11,131	11,172
	Current expenditure				5,144	5,164	6,363	5,615	7,622	7,886	8,537	8,483	9,081	9,182
		Compensation of employees			1,999	1,999	2,218	2,064	2,651	2,472	2,916	2,719	3,150	2,936
		Use of goods and services			844	844	1,001	694	1,336	1,382	1,575	1,591	1,778	1,778
		Interest			1,703	1,721	2,400	2,328	2,791	3,139	3,026	3,076	2,995	3,117
			Domestic		795	797	1,045	1,097	1,071	1,173	1,051	882	911	812
			Foreign		908	923	1,355	1,231	1,720	1,965	1,976	2,194	2,084	2,305
		Subsidies			79	79	242	42	188	210	222	224	250	250
		Other expense			519	522	502	488	655	684	797	873	908	1,101
	Net investment in nonfinancial assets				1,127	1,127	1,001	1,587	1,360	1,511	1,764	1,781	2,051	1,990
Net lending (+) / Net borrowing (-)					258	239	-997	-625	-58	134	524	749	999	859
Statistical discrepancy					137	228	0	64	0	0	0	0	0	0
Net acquisition of financial assets (+: increase)					-713	-305	-2,446	-2,283	-1,126	-263	-336	-369	386	775
	Domestic				-686	-278	-2,290	-2,149	-657	347	235	-70	-53	-100
		Cash and deposits¹			-686	-486	-2,510	-1,471	-657	389	235	0	-53	0
		Equity and investment fund shares			0	209	220	-679	0	-42	0	-70	0	-100
		Other accounts receivable			0	0	0	0	0	0	0	0	0	0
	Foreign				-27	-27	-157	-133	-469	-610	-571	-299	439	875
Net incurrence of liabilities (+: increase)					-834	-166	-1,449	-1,594	-1,068	-398	-860	-1,118	-613	-84
	Domestic				-1,796	-609	-2,590	-1,661	-1,063	-2,065	-1,075	-1,010	-405	676
		Debt securities			-122	-122	-2,405	-1,393	-863	-1,665	-925	-1,010	-405	676
			Disbursements		1,583	1,583	1,430	2,469	1,420	799	2,510	1,972	2,878	2,954
			Amortizations		-1,705	-1,705	-3,835	-3,862	-2,283	-2,464	-3,435	-2,983	-3,283	-2,278
		Loans			-278	-361	0	0	0	0	0	0	0	0
		Other accounts payable²			-1,396	-126	-185	-268	-200	-400	-150	0	0	0
	Foreign				962	443	1,141	67	-5	1,667	215	-108	-208	-760
		Debt securities			962	901	1,141	445	-5	1,667	215	-108	-208	-760
			Disbursements		2,992	2,931	2,589	2,083	2,729	3,655	1,888	1,956	2,653	2,728
				Of which : Budget support under the program	425	425	1,456	696	1,466	2,144	0	-1	0	-1
			Amortizations		-2,030	-2,030	-1,448	-1,638	-2,734	-1,988	-1,673	-2,064	-2,861	-3,488
		Other accounts payable			0	-397	0	-378	0	0	0	0	0	0
*Memorandum items:*
Non-oil primary fiscal balance					-1,867	-1,868	-2,113	-1,542	-2,274	-2,044	-2,344	-2,050	-2,460	-2,215
Angola oil price (average, U.S. dollars per barrel)					65.2	65.0	39.8	39.6	44.9	46.2	46.9	46.4	48.5	46.9
Social expenditures³					1,726	1,726	1,440	1,726	1,814	2,721	2,406	2,428	3,016	3,015
Public sector debt (gross)⁴					35,626	35,013	42,725	48,490	48,762	56,201	50,130	57,573	50,485	58,635
	Of which: Central Government and Sonangol⁵				35,533	34,922	42,608	48,373	48,624	56,061	49,985	57,426	50,336	58,483
	Of which : Central Government⁶				34,436	33,584	41,162	45,351	46,714	52,318	48,037	53,588	48,685	54,973

Sources: Angolan authorities; and IMF staff estimates and projections.

^¹Historical figures may include valuation effects related to foreign-currency denominated deposits. Projections for 2020–23 include deposit withdrawals from FSDEA.

^²Includes repayment of debt owed to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^³Spending on education, health, social protection, and housing and community services. For 2020 onwards are projected floors.

^⁴Includes debt of the Central Government, external debt of state oil company Sonangol and state airline company TAAG, and guaranteed debt.

^⁵Includes debt guaranteed and excludes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^⁶Excludes debt guaranteed and includes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^{Table 2a.}

Angola: Statement of Central Government Operations, 2019–23

(Billions of kwanzas, unless otherwise indicated)

					2019		2020		2021		2022		2023
					3rd Rev.	Prel.	3rd Rev.	Pr oj.	3rd Rev.	Proj.	3rd Rev.	Pro j.	3rd Rev.	Proj.
Revenue					6,529	6,530	6,367	6,578	8,924	9,531	10,825	11,013	12,130	12,031
	Taxes				6,058	6,058	5,955	6,063	8,417	8,916	10,227	10,293	11,447	11,211
		Oil			3,952	3,952	3,620	3,337	5,175	5,495	6,093	6,072	6,670	6,399
		Non-oil			2,105	2,105	2,335	2,726	3,242	3,420	4,134	4,222	4,777	4,812
	Social contributions				311	311	245	321	302	328	357	383	407	437
	Grants				3	3	0	2	0	0	0	0	0	0
	Other revenue				157	158	166	192	205	288	242	336	276	383
Expenditure					6,271	6,291	7,364	7,202	8,983	9,397	10,301	10,264	11,131	11,172
	Current expenditure				5,144	5,164	6,363	5,615	7,622	7,886	8,537	8,483	9,081	9,182
		Compensation of employees			1,999	1,999	2,218	2,064	2,651	2,472	2,916	2,719	3,150	2,936
		Use of goods and services			844	844	1,001	694	1,336	1,382	1,575	1,591	1,778	1,778
		Interest			1,703	1,721	2,400	2,328	2,791	3,139	3,026	3,076	2,995	3,117
			Domestic		795	797	1,045	1,097	1,071	1,173	1,051	882	911	812
			Foreign		908	923	1,355	1,231	1,720	1,965	1,976	2,194	2,084	2,305
		Subsidies			79	79	242	42	188	210	222	224	250	250
		Other expense			519	522	502	488	655	684	797	873	908	1,101
	Net investment in nonfinancial assets				1,127	1,127	1,001	1,587	1,360	1,511	1,764	1,781	2,051	1,990
Net lending (+) / Net borrowing (-)					258	239	-997	-625	-58	134	524	749	999	859
Statistical discrepancy					137	228	0	64	0	0	0	0	0	0
Net acquisition of financial assets (+: increase)					-713	-305	-2,446	-2,283	-1,126	-263	-336	-369	386	775
	Domestic				-686	-278	-2,290	-2,149	-657	347	235	-70	-53	-100
		Cash and deposits¹			-686	-486	-2,510	-1,471	-657	389	235	0	-53	0
		Equity and investment fund shares			0	209	220	-679	0	-42	0	-70	0	-100
		Other accounts receivable			0	0	0	0	0	0	0	0	0	0
	Foreign				-27	-27	-157	-133	-469	-610	-571	-299	439	875
Net incurrence of liabilities (+: increase)					-834	-166	-1,449	-1,594	-1,068	-398	-860	-1,118	-613	-84
	Domestic				-1,796	-609	-2,590	-1,661	-1,063	-2,065	-1,075	-1,010	-405	676
		Debt securities			-122	-122	-2,405	-1,393	-863	-1,665	-925	-1,010	-405	676
			Disbursements		1,583	1,583	1,430	2,469	1,420	799	2,510	1,972	2,878	2,954
			Amortizations		-1,705	-1,705	-3,835	-3,862	-2,283	-2,464	-3,435	-2,983	-3,283	-2,278
		Loans			-278	-361	0	0	0	0	0	0	0	0
		Other accounts payable²			-1,396	-126	-185	-268	-200	-400	-150	0	0	0
	Foreign				962	443	1,141	67	-5	1,667	215	-108	-208	-760
		Debt securities			962	901	1,141	445	-5	1,667	215	-108	-208	-760
			Disbursements		2,992	2,931	2,589	2,083	2,729	3,655	1,888	1,956	2,653	2,728
				Of which : Budget support under the program	425	425	1,456	696	1,466	2,144	0	-1	0	-1
			Amortizations		-2,030	-2,030	-1,448	-1,638	-2,734	-1,988	-1,673	-2,064	-2,861	-3,488
		Other accounts payable			0	-397	0	-378	0	0	0	0	0	0
*Memorandum items:*
Non-oil primary fiscal balance					-1,867	-1,868	-2,113	-1,542	-2,274	-2,044	-2,344	-2,050	-2,460	-2,215
Angola oil price (average, U.S. dollars per barrel)					65.2	65.0	39.8	39.6	44.9	46.2	46.9	46.4	48.5	46.9
Social expenditures³					1,726	1,726	1,440	1,726	1,814	2,721	2,406	2,428	3,016	3,015
Public sector debt (gross)⁴					35,626	35,013	42,725	48,490	48,762	56,201	50,130	57,573	50,485	58,635
	Of which: Central Government and Sonangol⁵				35,533	34,922	42,608	48,373	48,624	56,061	49,985	57,426	50,336	58,483
	Of which : Central Government⁶				34,436	33,584	41,162	45,351	46,714	52,318	48,037	53,588	48,685	54,973

Sources: Angolan authorities; and IMF staff estimates and projections.

^¹Historical figures may include valuation effects related to foreign-currency denominated deposits. Projections for 2020–23 include deposit withdrawals from FSDEA.

^²Includes repayment of debt owed to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^³Spending on education, health, social protection, and housing and community services. For 2020 onwards are projected floors.

^⁴Includes debt of the Central Government, external debt of state oil company Sonangol and state airline company TAAG, and guaranteed debt.

^⁵Includes debt guaranteed and excludes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^⁶Excludes debt guaranteed and includes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

Table 2b.

Angola: Statement of Central Government Operations, 2019–23

(Percent of GDP)

Sources: Angolan authorities; and IMF staff estimates and projections.

^¹Historical figures may include valuation effects related to foreign-currency denominated deposits. Projections for 2020–23 include deposit withdrawals from FSDEA.

^²Includes repayment of debt owed to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^³Spending on education, health, social protection, and housing and community services. For 2020 onwards are projected floors.

^⁴Includes debt of the Central Government, external debt of state oil company Sonangol and state airline company TAAG, and guaranteed debt.

^⁵Includes debt guaranteed and excludes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^⁶Excludes debt guaranteed and includes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

Table 2b.

Angola: Statement of Central Government Operations, 2019–23

(Percent of GDP)

				2019		2020		2021		2022		2023
				3rd Rev.	Prel.	3rd Rev.	Proj.	3rd Rev.	Proj.	3rd Rev.	Proj.	3rd Rev.	Proj.
Revenue				20.0	20.0	17.9	18.2	19.7	20.3	20.2	20.4	20.1	20.0
	Taxes			18.6	18.5	16.8	16.8	18.6	19.0	19.1	19.1	19.0	18.6
		Oil		12.1	12.1	10.2	9.2	11.4	11.7	11.4	11.3	11.1	10.6
		Non-oil		6.5	6.4	6.6	7.5	7.1	7.3	7.7	7.8	7.9	8.0
	Social contributions			1.0	1.0	0.7	0.9	0.7	0.7	0.7	0.7	0.7	0.7
	Grants			0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Other revenue			0.5	0.5	0.5	0.5	0.5	0.6	0.5	0.6	0.5	0.6
Expenditure				19.2	19.2	20.7	19.9	19.8	20.0	19.3	19.0	18.5	18.5
	Current expenditure			15.8	15.8	17.9	15.5	16.8	16.8	16.0	15.7	15.1	15.2
		Compensation of employees		6.1	6.1	6.2	5.7	5.8	5.3	5.5	5.0	5.2	4.9
		Use of goods and services		2.6	2.6	2.8	1.9	2.9	2.9	2.9	2.9	2.9	2.9
		Interest		5.2	5.3	6.8	6.4	6.2	6.7	5.7	5.7	5.0	5.2
			Domestic	2.4	2.4	2.9	3.0	2.4	2.5	2.0	1.6	1.5	1.3
			Foreign	2.8	2.8	3.8	3.4	3.8	4.2	3.7	4.1	3.5	3.8
		Subsidies		0.2	0.2	0.7	0.1	0.4	0.4	0.4	0.4	0.4	0.4
		Other expense		1.6	1.6	1.4	1.3	1.4	1.5	1.5	1.6	1.5	1.8
	Net investment in nonfinancial assets			3.5	3.4	2.8	4.4	3.0	3.2	3.3	3.3	3.4	3.3
Net lending (+) / Net borrowing (-)				0.8	0.7	-2.8	-1.7	-0.1	0.3	1.0	1.4	1.7	1.4
Statistical discrepancy				0.4	0.7	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Net acquisition of financial assets (+: increase)				-2.2	-0.9	-6.9	-6.3	-2.5	-0.6	-0.6	-0.7	0.6	1.3
	Domestic			-2.1	-0.8	-6.4	-5.9	-1.4	0.7	0.4	-0.1	-0.1	-0.2
		Cash and deposits¹		-2.1	-1.5	-7.1	-4.1	-1.4	0.8	0.4	0.0	-0.1	0.0
		Equity and investment fund shares		0.0	0.6	0.6	-1.9	0.0	-0.1	0.0	-0.1	0.0	-0.2
		Other accounts receivable		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Foreign			-0.1	-0.1	-0.4	-0.4	-1.0	-1.3	-1.1	-0.6	0.7	1.5
Net incurrence of liabilities (+: increase)				-2.6	-1.3	-4.1	-4.4	-2.4	-0.8	-1.6	-2.1	-1.0	-0.1
	Domestic			-5.5	-2.6	-7.3	-4.6	-2.3	-4.4	-2.0	-1.9	-0.7	1.1
		Debt securities		-0.4	-1.1	-6.8	-3.9	-1.9	-3.6	-1.7	-1.9	-0.7	1.1
			Disbursements	4.9	4.1	4.0	6.8	3.1	1.7	4.7	3.7	4.8	4.9
			Amortizations	-5.2	-5.2	-10.8	-10.7	-5.0	-5.3	-6.4	-5.5	-5.4	-3.8
		Loans		-0.9	-1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Other accounts payable²		-4.3	-0.4	-0.5	-0.7	-0.4	-0.9	-0.3	0.0	0.0	0.0
	Foreign debt securities			2.9	1.3	3.2	0.2	0.0	3.6	0.4	-0.2	-0.3	-1.3
		Disbursements		9.2	9.0	7.3	5.8	6.0	7.8	3.5	3.6	4.4	4.5
			Of which : Budget support under the program	1.3	1.3	4.1	1.9	3.2	4.6	0.0	0.0	0.0	0.0
			Eurobonds	4.2	4.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
			Project loans and other	3.6	3.4	3.2	3.8	2.8	3.2	3.5	3.6	4.4	4.5
			Financing to be identified	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Amortizations		-6.2	-6.3	-4.1	-4.5	-6.0	-4.2	-3.1	-3.8	-4.7	-5.8
		Other accounts payable		0.0	-1.2	0.0	-1.0	0.0	0.0	0.0	0.0	0.0	0.0
*Memorandum items:*
Non-oil primary fiscal balance				-5.7	-5.7	-5.9	-4.3	-5.0	-4.4	-4.4	-3.8	-4.1	-3.7
Angola oil price (average, U.S. dollars per barrel)				65.2	65.0	39.8	39.6	44.9	46.2	46.9	46.4	48.5	46.9
Social expenditures³				5.3	5.3	4.1	4.8	4.0	5.8	4.5	4.5	5.0	5.0
Public sector debt (gross)⁴				109.2	107.1	120.3	134.2	107.5	119.9	93.8	106.7	83.7	97.2
	Of which: Central Government and Sonangol⁵			108.9	106.8	120.0	133.9	107.2	119.6	93.5	106.4	83.4	97.0
	Of which : Central Government⁶			105.6	102.7	115.9	125.5	103.0	111.6	89.9	99.3	80.7	91.2

Sources: Angolan authorities; and IMF staff estimates and projections.

^¹Historical figures may include valuation effects related to foreign-currency denominated deposits. Projections for 2020–23 include deposit withdrawals from FSDEA.

^²Includes repayment of debt owed to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^³Spending on education, health, social protection, and housing and community services. For 2020 onwards are projected floors.

^⁴Includes debt of the Central Government, external debt of state oil company Sonangol and state airline company TAAG, and guaranteed debt.

^⁵Includes debt guaranteed and excludes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^⁶Excludes debt guaranteed and includes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

Table 2b.

Angola: Statement of Central Government Operations, 2019–23

(Percent of GDP)

				2019		2020		2021		2022		2023
				3rd Rev.	Prel.	3rd Rev.	Proj.	3rd Rev.	Proj.	3rd Rev.	Proj.	3rd Rev.	Proj.
Revenue				20.0	20.0	17.9	18.2	19.7	20.3	20.2	20.4	20.1	20.0
	Taxes			18.6	18.5	16.8	16.8	18.6	19.0	19.1	19.1	19.0	18.6
		Oil		12.1	12.1	10.2	9.2	11.4	11.7	11.4	11.3	11.1	10.6
		Non-oil		6.5	6.4	6.6	7.5	7.1	7.3	7.7	7.8	7.9	8.0
	Social contributions			1.0	1.0	0.7	0.9	0.7	0.7	0.7	0.7	0.7	0.7
	Grants			0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Other revenue			0.5	0.5	0.5	0.5	0.5	0.6	0.5	0.6	0.5	0.6
Expenditure				19.2	19.2	20.7	19.9	19.8	20.0	19.3	19.0	18.5	18.5
	Current expenditure			15.8	15.8	17.9	15.5	16.8	16.8	16.0	15.7	15.1	15.2
		Compensation of employees		6.1	6.1	6.2	5.7	5.8	5.3	5.5	5.0	5.2	4.9
		Use of goods and services		2.6	2.6	2.8	1.9	2.9	2.9	2.9	2.9	2.9	2.9
		Interest		5.2	5.3	6.8	6.4	6.2	6.7	5.7	5.7	5.0	5.2
			Domestic	2.4	2.4	2.9	3.0	2.4	2.5	2.0	1.6	1.5	1.3
			Foreign	2.8	2.8	3.8	3.4	3.8	4.2	3.7	4.1	3.5	3.8
		Subsidies		0.2	0.2	0.7	0.1	0.4	0.4	0.4	0.4	0.4	0.4
		Other expense		1.6	1.6	1.4	1.3	1.4	1.5	1.5	1.6	1.5	1.8
	Net investment in nonfinancial assets			3.5	3.4	2.8	4.4	3.0	3.2	3.3	3.3	3.4	3.3
Net lending (+) / Net borrowing (-)				0.8	0.7	-2.8	-1.7	-0.1	0.3	1.0	1.4	1.7	1.4
Statistical discrepancy				0.4	0.7	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Net acquisition of financial assets (+: increase)				-2.2	-0.9	-6.9	-6.3	-2.5	-0.6	-0.6	-0.7	0.6	1.3
	Domestic			-2.1	-0.8	-6.4	-5.9	-1.4	0.7	0.4	-0.1	-0.1	-0.2
		Cash and deposits¹		-2.1	-1.5	-7.1	-4.1	-1.4	0.8	0.4	0.0	-0.1	0.0
		Equity and investment fund shares		0.0	0.6	0.6	-1.9	0.0	-0.1	0.0	-0.1	0.0	-0.2
		Other accounts receivable		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Foreign			-0.1	-0.1	-0.4	-0.4	-1.0	-1.3	-1.1	-0.6	0.7	1.5
Net incurrence of liabilities (+: increase)				-2.6	-1.3	-4.1	-4.4	-2.4	-0.8	-1.6	-2.1	-1.0	-0.1
	Domestic			-5.5	-2.6	-7.3	-4.6	-2.3	-4.4	-2.0	-1.9	-0.7	1.1
		Debt securities		-0.4	-1.1	-6.8	-3.9	-1.9	-3.6	-1.7	-1.9	-0.7	1.1
			Disbursements	4.9	4.1	4.0	6.8	3.1	1.7	4.7	3.7	4.8	4.9
			Amortizations	-5.2	-5.2	-10.8	-10.7	-5.0	-5.3	-6.4	-5.5	-5.4	-3.8
		Loans		-0.9	-1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Other accounts payable²		-4.3	-0.4	-0.5	-0.7	-0.4	-0.9	-0.3	0.0	0.0	0.0
	Foreign debt securities			2.9	1.3	3.2	0.2	0.0	3.6	0.4	-0.2	-0.3	-1.3
		Disbursements		9.2	9.0	7.3	5.8	6.0	7.8	3.5	3.6	4.4	4.5
			Of which : Budget support under the program	1.3	1.3	4.1	1.9	3.2	4.6	0.0	0.0	0.0	0.0
			Eurobonds	4.2	4.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
			Project loans and other	3.6	3.4	3.2	3.8	2.8	3.2	3.5	3.6	4.4	4.5
			Financing to be identified	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Amortizations		-6.2	-6.3	-4.1	-4.5	-6.0	-4.2	-3.1	-3.8	-4.7	-5.8
		Other accounts payable		0.0	-1.2	0.0	-1.0	0.0	0.0	0.0	0.0	0.0	0.0
*Memorandum items:*
Non-oil primary fiscal balance				-5.7	-5.7	-5.9	-4.3	-5.0	-4.4	-4.4	-3.8	-4.1	-3.7
Angola oil price (average, U.S. dollars per barrel)				65.2	65.0	39.8	39.6	44.9	46.2	46.9	46.4	48.5	46.9
Social expenditures³				5.3	5.3	4.1	4.8	4.0	5.8	4.5	4.5	5.0	5.0
Public sector debt (gross)⁴				109.2	107.1	120.3	134.2	107.5	119.9	93.8	106.7	83.7	97.2
	Of which: Central Government and Sonangol⁵			108.9	106.8	120.0	133.9	107.2	119.6	93.5	106.4	83.4	97.0
	Of which : Central Government⁶			105.6	102.7	115.9	125.5	103.0	111.6	89.9	99.3	80.7	91.2

Sources: Angolan authorities; and IMF staff estimates and projections.

^¹Historical figures may include valuation effects related to foreign-currency denominated deposits. Projections for 2020–23 include deposit withdrawals from FSDEA.

^²Includes repayment of debt owed to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^³Spending on education, health, social protection, and housing and community services. For 2020 onwards are projected floors.

^⁴Includes debt of the Central Government, external debt of state oil company Sonangol and state airline company TAAG, and guaranteed debt.

^⁵Includes debt guaranteed and excludes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^⁶Excludes debt guaranteed and includes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

Table 2c.

Angola: Statement of Central Government Operations, 2019–23

(Percent of non-oil GDP)

Sources: Angolan authorities; and IMF staff estimates and projections.

^¹Historical figures may include valuation effects related to foreign-currency denominated deposits. Projections for 2020–23 include deposit withdrawals from FSDEA.

^²Includes repayment of debt owed to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^³Spending on education, health, social protection, and housing and community services. For 2020 onwards are projected floors.

^⁴Includes debt of the Central Government, external debt of state oil company Sonangol and state airline company TAAG, and guaranteed debt.

^⁵Includes debt guaranteed and excludes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^⁶Excludes debt guaranteed and includes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

Table 2c.

Angola: Statement of Central Government Operations, 2019–23

(Percent of non-oil GDP)

				2019		2020		2021		2022		2023
				3rd Rev.	Prel.	3rd Rev.	Proj.	3rd Rev.	Proj.	3rd Rev.	Proj.	3rd Rev.	Proj.
Revenue				28.7	28.6	23.7	24.2	26.9	28.0	27.7	27.7	27.2	265
	Taxes			26.7	26.6	22.2	22.3	25.4	26.2	26.1	25.8	25.6	24.7
		Oil		17.4	17.3	13.5	12.3	15.6	16.1	15.6	15.2	14.9	14.1
		Non-oil		9.3	9.2	8.7	10.0	9.8	10.0	10.6	10.6	10.7	10.6
	Social contributions			1.4	1.4	0.9	1.2	0.9	1.0	0.9	1.0	0.9	1.0
	Grants			0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Other revenue			0.7	0.7	0.6	0.7	0.6	0.8	0.6	0.8	0.6	0.8
Expenditure				27.6	27.6	27.4	26.5	27.1	27.6	26.3	25.8	24.9	246
	Current expenditure			22.6	22.6	23.7	20.6	23.0	23.1	21.8	21.3	20.3	20.2
		Compensation of employees		8.8	8.8	8.3	7.6	8.0	7.3	7.5	6.8	7.1	6.5
		Use of goods and services		3.7	3.7	3.7	2.6	4.0	4.1	4.0	4.0	4.0	3.9
		Interest		7.5	7.5	8.9	8.6	8.4	9.2	7.7	7.7	6.7	6.9
			Domestic	3.5	3.5	3.9	4.0	3.2	3.4	2.7	2.2	2.0	1.8
			Foreign	4.0	4.0	5.0	4.5	5.2	5.8	5.1	5.5	4.7	5.1
		Subsidies		0.3	0.3	0.9	0.2	0.6	0.6	0.6	0.6	0.6	0.6
		Other expense		2.3	2.3	1.9	1.8	2.0	2.0	2.0	2.2	2.0	2.4
	Net acquisition of nonfinancial assets			5.0	4.9	3.7	5.8	4.1	4.4	4.5	4.5	4.6	4.4
Net lending (+) / Net borrowing (-)				1.1	1.0	-3.7	-2.3	-0.2	0.4	1.3	1.9	2.2	1.9
Statistical discrepancy				0.6	1.0	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Net acquisition of financial assets (+: increase)				-3.1	-1.3	-9.1	-8.4	-3.4	-0.8	-0.9	-0.9	0.9	1.7
	Domestic			-3.0	-1.2	-8.5	-7.9	-2.0	1.0	0.6	-0.2	-0.1	-0.2
		Cash and deposits¹		-3.0	-2.1	-9.3	-5.4	-2.0	1.1	0.6	0.0	-0.1	0.0
		Equity and investment fund shares		0.0	0.9	0.8	-2.5	0.0	-0.1	0.0	-0.2	0.0	-0.2
		Other accounts receivable		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Foreign			-0.1	-0.1	-0.6	-0.5	-1.4	-1.8	-1.5	-0.8	1.0	1.9
Net incurrence of liabilities (+: increase)				-3.7	-1.7	-5.4	-5.9	-3.2	-1.2	-2.2	-2.8	-1.4	-0.2
	Domestic			-7.9	-3.7	-9.6	-6.1	-3.2	-6.1	-2.7	-2.5	-0.9	1.5
		Debt securities		-0.5	-1.5	-9.0	-5.1	-2.6	-4.9	-2.4	-2.5	-0.9	1.5
			Disbursements	7.0	5.9	5.3	9.1	4.3	2.3	6.4	5.0	6.4	6.5
			Amortizations	-7.5	-7.5	-14.3	-14.2	-6.9	-7.2	-8.8	-7.5	-7.4	-5.0
		Loans		-1.2	-1.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Other accounts payable²		-6.1	-0.6	-0.7	-1.0	-0.6	-1.2	-0.4	0.0	0.0	0.0
	Foreign			4.2	1.9	4.2	0.2	0.0	4.9	0.5	-0.3	-0.5	-1.7
		Disbursements		13.2	12.8	9.6	7.7	8.2	10.7	4.8	4.9	5.9	6.0
			Of which : Budget support under the program	1.9	1.9	5.4	2.6	4.4	6.3	0.0	0.0	0.0	0.0
		Amortizations		-8.9	-9.2	-5.4	-6.0	-8.2	-5.8	-4.3	-5.2	-6.4	-7.7
*Memorandum items:*
Non-oil primary fiscal balance				-8.2	-8.2	-7.9	-5.7	-6.9	-6.0	-6.0	-5.1	-5.5	-4.9
Angola oil price (average, U.S. dollars per barrel)				65.2	65.0	39.8	39.6	44.9	46.2	46.9	46.4	48.5	46.9
Social expenditures³				7.6	7.6	5.4	6.3	5.5	8.0	6.2	6.1	6.8	6.6
Public sector debt (gross)⁴				156.8	153.5	159.1	178.3	147.1	164.9	128.2	144.6	113.1	129.2
	Of which: Central Government and Sonangol⁵			156.4	153.1	158.6	177.9	146.7	164.5	127.8	144.2	112.8	128.8
	Of which : Central Government⁶			151.5	147.2	153.2	166.8	141.9	158.7	122.8	134.6	109.1	121.1

Sources: Angolan authorities; and IMF staff estimates and projections.

^¹Historical figures may include valuation effects related to foreign-currency denominated deposits. Projections for 2020–23 include deposit withdrawals from FSDEA.

^²Includes repayment of debt owed to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^³Spending on education, health, social protection, and housing and community services. For 2020 onwards are projected floors.

^⁴Includes debt of the Central Government, external debt of state oil company Sonangol and state airline company TAAG, and guaranteed debt.

^⁵Includes debt guaranteed and excludes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^⁶Excludes debt guaranteed and includes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

Table 2c.

Angola: Statement of Central Government Operations, 2019–23

(Percent of non-oil GDP)

				2019		2020		2021		2022		2023
				3rd Rev.	Prel.	3rd Rev.	Proj.	3rd Rev.	Proj.	3rd Rev.	Proj.	3rd Rev.	Proj.
Revenue				28.7	28.6	23.7	24.2	26.9	28.0	27.7	27.7	27.2	265
	Taxes			26.7	26.6	22.2	22.3	25.4	26.2	26.1	25.8	25.6	24.7
		Oil		17.4	17.3	13.5	12.3	15.6	16.1	15.6	15.2	14.9	14.1
		Non-oil		9.3	9.2	8.7	10.0	9.8	10.0	10.6	10.6	10.7	10.6
	Social contributions			1.4	1.4	0.9	1.2	0.9	1.0	0.9	1.0	0.9	1.0
	Grants			0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Other revenue			0.7	0.7	0.6	0.7	0.6	0.8	0.6	0.8	0.6	0.8
Expenditure				27.6	27.6	27.4	26.5	27.1	27.6	26.3	25.8	24.9	246
	Current expenditure			22.6	22.6	23.7	20.6	23.0	23.1	21.8	21.3	20.3	20.2
		Compensation of employees		8.8	8.8	8.3	7.6	8.0	7.3	7.5	6.8	7.1	6.5
		Use of goods and services		3.7	3.7	3.7	2.6	4.0	4.1	4.0	4.0	4.0	3.9
		Interest		7.5	7.5	8.9	8.6	8.4	9.2	7.7	7.7	6.7	6.9
			Domestic	3.5	3.5	3.9	4.0	3.2	3.4	2.7	2.2	2.0	1.8
			Foreign	4.0	4.0	5.0	4.5	5.2	5.8	5.1	5.5	4.7	5.1
		Subsidies		0.3	0.3	0.9	0.2	0.6	0.6	0.6	0.6	0.6	0.6
		Other expense		2.3	2.3	1.9	1.8	2.0	2.0	2.0	2.2	2.0	2.4
	Net acquisition of nonfinancial assets			5.0	4.9	3.7	5.8	4.1	4.4	4.5	4.5	4.6	4.4
Net lending (+) / Net borrowing (-)				1.1	1.0	-3.7	-2.3	-0.2	0.4	1.3	1.9	2.2	1.9
Statistical discrepancy				0.6	1.0	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Net acquisition of financial assets (+: increase)				-3.1	-1.3	-9.1	-8.4	-3.4	-0.8	-0.9	-0.9	0.9	1.7
	Domestic			-3.0	-1.2	-8.5	-7.9	-2.0	1.0	0.6	-0.2	-0.1	-0.2
		Cash and deposits¹		-3.0	-2.1	-9.3	-5.4	-2.0	1.1	0.6	0.0	-0.1	0.0
		Equity and investment fund shares		0.0	0.9	0.8	-2.5	0.0	-0.1	0.0	-0.2	0.0	-0.2
		Other accounts receivable		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Foreign			-0.1	-0.1	-0.6	-0.5	-1.4	-1.8	-1.5	-0.8	1.0	1.9
Net incurrence of liabilities (+: increase)				-3.7	-1.7	-5.4	-5.9	-3.2	-1.2	-2.2	-2.8	-1.4	-0.2
	Domestic			-7.9	-3.7	-9.6	-6.1	-3.2	-6.1	-2.7	-2.5	-0.9	1.5
		Debt securities		-0.5	-1.5	-9.0	-5.1	-2.6	-4.9	-2.4	-2.5	-0.9	1.5
			Disbursements	7.0	5.9	5.3	9.1	4.3	2.3	6.4	5.0	6.4	6.5
			Amortizations	-7.5	-7.5	-14.3	-14.2	-6.9	-7.2	-8.8	-7.5	-7.4	-5.0
		Loans		-1.2	-1.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Other accounts payable²		-6.1	-0.6	-0.7	-1.0	-0.6	-1.2	-0.4	0.0	0.0	0.0
	Foreign			4.2	1.9	4.2	0.2	0.0	4.9	0.5	-0.3	-0.5	-1.7
		Disbursements		13.2	12.8	9.6	7.7	8.2	10.7	4.8	4.9	5.9	6.0
			Of which : Budget support under the program	1.9	1.9	5.4	2.6	4.4	6.3	0.0	0.0	0.0	0.0
		Amortizations		-8.9	-9.2	-5.4	-6.0	-8.2	-5.8	-4.3	-5.2	-6.4	-7.7
*Memorandum items:*
Non-oil primary fiscal balance				-8.2	-8.2	-7.9	-5.7	-6.9	-6.0	-6.0	-5.1	-5.5	-4.9
Angola oil price (average, U.S. dollars per barrel)				65.2	65.0	39.8	39.6	44.9	46.2	46.9	46.4	48.5	46.9
Social expenditures³				7.6	7.6	5.4	6.3	5.5	8.0	6.2	6.1	6.8	6.6
Public sector debt (gross)⁴				156.8	153.5	159.1	178.3	147.1	164.9	128.2	144.6	113.1	129.2
	Of which: Central Government and Sonangol⁵			156.4	153.1	158.6	177.9	146.7	164.5	127.8	144.2	112.8	128.8
	Of which : Central Government⁶			151.5	147.2	153.2	166.8	141.9	158.7	122.8	134.6	109.1	121.1

Sources: Angolan authorities; and IMF staff estimates and projections.

^¹Historical figures may include valuation effects related to foreign-currency denominated deposits. Projections for 2020–23 include deposit withdrawals from FSDEA.

^²Includes repayment of debt owed to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^³Spending on education, health, social protection, and housing and community services. For 2020 onwards are projected floors.

^⁴Includes debt of the Central Government, external debt of state oil company Sonangol and state airline company TAAG, and guaranteed debt.

^⁵Includes debt guaranteed and excludes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^⁶Excludes debt guaranteed and includes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

Table 2d.

Angola: Statement of Central Government Operations, 2019–23

Debt reprofiling recorded as exceptional financing (Billions of kwanzas, unless otherwise indicated)

Sources: Angolan authorities; and IMF staff estimates and projections.

^¹Historical figures may include valuation effects related to foreign-currency denominated deposits. Projections for 2020–23 include deposit withdrawals from FSDEA.

^²Includes repayment of debt owed to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^³Spending on education, health, social protection, and housing and community services. For 2020 onwards are projected floors.

^⁴Includes debt of the Central Government, external debt of state oil company Sonangol and state airline company TAAG, and guaranteed debt.

^⁵Includes debt guaranteed and excludes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^⁶Excludes debt guaranteed and includes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

Table 2d.

Angola: Statement of Central Government Operations, 2019–23

Debt reprofiling recorded as exceptional financing (Billions of kwanzas, unless otherwise indicated)

					2019		2020		2021		2022		2023
					3rd Rev.	Pr el.	3rd Rev.	Proj.	3rd Rev.	Proj.	3rd Rev.	Proj.	3rd Rev.	Proj.
Revenue					6,529	6,530	6,367	6,578	8,924	9,531	10,825	11,013	12,130	12,031
	Taxes				6,058	6,058	5,955	6,063	8,417	8,916	10,227	10,293	11,447	11,211
		Oil			3,952	3,952	3,620	3,337	5,175	5,495	6,093	6,072	6,670	6,399
		Non-oil			2,105	2,105	2,335	2,726	3,242	3,420	4,134	4,222	4,777	4,812
	Social contributions				311	311	245	321	302	328	357	383	407	437
	Grants				3	3	0	2	0	0	0	0	0	0
	Other revenue				157	158	166	192	205	288	242	336	276	383
Expenditure					6,271	6,291	6,322	7,459	7,610	9,286	8,994	9,936	10,402	10,753
	Current expenditure				5,144	5,164	5,321	5,871	6,250	7,775	7,230	8,156	8,351	8,763
		Compensation of employees			1,999	1,999	2,218	2,064	2,651	2,472	2,916	2,719	3,150	2,936
		Use of goods and services			844	844	1,001	694	1,336	1,382	1,575	1,591	1,778	1,778
		Interest			1,703	1,721	1,359	2,584	1,419	3,028	1,719	2,749	2,265	2,698
			Domestic		795	797	1,045	1,097	1,071	1,173	1,051	882	911	812
			Foreign		147	908	313	1,487	347	1,854	668	1,867	1,355	1,886
		Subsidies			79	79	242	42	188	210	222	224	250	250
		Other expense			519	522	502	488	655	684	797	873	908	1,101
	Net investment in nonfinancial assets				1,127	1,127	1,001	1,587	1,360	1,511	1,764	1,781	2,051	1,990
Net lending (+) / Net borrowing (-)					258	239	44	-881	1,314	245	1,831	1,076	1,728	1,278
Statistical discrepancy					137	228	0	64	0	0	0	0	0	0
Net acquisition of financial assets (+: increase)					-713	-305	-2,446	-2,283	-1,126	-263	-336	-369	386	775
	Domestic				-686	-278	-2,290	-2,149	-657	347	235	-70	-53	-100
		Cash and deposits¹			-686	-486	-2,510	-1,471	-657	389	235	0	-53	0
		Equity and investment fund shares			0	209	220	-679	0	-42	0	-70	0	-100
		Other accounts receivable			0	0	0	0	0	0	0	0	0	0
	Foreign				-27	-27	-157	-133	-469	-610	-571	-299	439	875
Net incurrence of liabilities (+: increase)					-834	-166	-2,073	-2,027	1,666	1,591	704	786	1,916	2,977
	Domestic				-1,796	-609	-2,590	-1,661	-1,063	-2,065	-1,075	-1,010	-405	676
		Debt securities			-122	-122	-2,405	-1,393	-863	-1,665	-925	-1,010	-405	676
			Disbursements		1,583	1,583	1,430	2,469	1,420	799	2,510	1,972	2,878	2,954
			Amortizations		-1,705	-1,705	-3,835	-3,862	-2,283	-2,464	-3,435	-2,983	-3,283	-2,278
		Loans			-278	-361	0	0	0	0	0	0	0	0
		Other accounts payable²			-1,396	-126	-185	-268	-200	-400	-150	0	0	0
	Foreign				962	443	518	-366	2,729	3,655	1,779	1,796	2,321	2,301
		Disbursements			2,992	2,931	2,589	2,083	2,729	3,655	1,888	1,956	2,653	2,728
		Amortizations			-2,677	-2,617	-2,071	-2,071	0	0	-109	-160	-332	-427
Exceptional financing (+: increase)
		Debt reprofiling			…	…	-418.3	690	-4,106.3	-2,099	-2,871.4	-2,231	-3,258	-3,480
				Foreign interest	…	…	-1,041.6	256	-1,372.6	-111	-1,307.6	-327	-729	-419
				Foreign amortization	…	…	623.3	433	-2,733.6	-1,988	-1,563.8	-1,904	-2,529	-3,061
*Memorandum items:*
Non-oil primary fiscal balance					-1,867	-1,868	-2,113	-1,542	-2,274	-2,044	-2,344	-2,050	-2,460	-2,215
Angola oil price (average, U.S. dollars per barrel)					65.2	65.0	39.8	39.6	44.9	46.2	46.9	46.4	48.5	46.9
Social expenditures³					1,726	1,726	1,440	1,726	1,814	2,721	2,406	2,428	3,016	3,015
Public sector debt (gross)⁴					35,626	35,013	42,725	48,490	48,762	56,201	50,130	57,573	50,485	58,635
	Of which: Central Government and Sonangol⁵				35,533	34,922	42,608	48,373	48,624	56,061	49,985	57,426	50,336	58,483
	Of which : Central Government⁶				34,436	33,584	41,162	45,351	46,714	52,318	48,037	53,588	48,685	54,973

Sources: Angolan authorities; and IMF staff estimates and projections.

^¹Historical figures may include valuation effects related to foreign-currency denominated deposits. Projections for 2020–23 include deposit withdrawals from FSDEA.

^²Includes repayment of debt owed to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^³Spending on education, health, social protection, and housing and community services. For 2020 onwards are projected floors.

^⁴Includes debt of the Central Government, external debt of state oil company Sonangol and state airline company TAAG, and guaranteed debt.

^⁵Includes debt guaranteed and excludes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

^⁶Excludes debt guaranteed and includes debt owed by the Central Government to Sonangol related to the National Urbanization and Housing Plan (PNUH).

Table 2d.

Angola: Statement of Central Government Operations, 2019–23

Debt reprofiling recorded as exceptional financing (Billions of kwanzas, unless otherwise indicated)

				2019		2020		2021		2022		2023
				3rd Rev.	Pr el.	3rd Rev.	Proj.	3rd Rev.	Proj.	3rd Rev.	Proj.	3rd Rev.	Proj.
Revenue				6,529	6,530	6,367	6,578	8,924	9,531	10,825	11,013	12,130	12,031
	Taxes			6,058	6,058	5,955	6,063	8,417	8,916	10,227	10,293	11,447	11,211
		Oil		3,952	3,952	3,620	3,337	5,175	5,495	6,093	6,072	6,670	6,399
		Non-oil		2,105	2,105	2,335	2,726	3,242	3,420	4,134	4,222	4,777	4,812
	Social contributions			311	311	245	321	302	328	357	383	407	437
	Grants			3	3	0	2	0	0	0	0	0	0
	Other revenue			157	158	166	192	205	288	242	336	276	383
Expenditure				6,271	6,291	6,322	7,459	7,610	9,286	8,994	9,936	10,402	10,753
	Current expenditure			5,144	5,164	5,321	5,871	6,250	7,775	7,230	8,156	8,351	8,763
		Compensation of employees		1,999	1,999	2,218	2,064	2,651	2,472	2,916	2,719	3,150	2,936
		Use of goods and services		844	844	1,001	694	1,336	1,382	1,575	1,591	1,778	1,778
		Interest		1,703	1,721	1,359	2,584	1,419	3,028	1,719	2,749	2,265	2,698
			Domestic	795	797	1,045	1,097	1,071	1,173	1,051	882	911	812
			Foreign	147	908	313	1,487	347	1,854	668	1,867	1,355	1,886
		Subsidies		79	79

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