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Africa > Angola

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Cover High-Level Summary Technical Assistance Reports
Angola: Macroeconomic Framework Technical Assistance: Scoping Mission Report
Simone M Cuiabano
,
Ricardo Alves Monteiro
, and
Maria Sofi­a Anastacio
This document outlines the initiation and early stages of a Technical Assistance project designed to improve Angola's Ministry of Planning (MinPlan) macroeconomic framework, ensuring consistency across the four sectors of the economy. Following a request from Angolan authorities, IMF ICD staff engaged in comprehensive virtual discussions with the MinPlan and Ministry of Finance in February, March, and May 2025. A scoping mission was held in Luanda in May 2025 to diagnose existing capacity and resources at the National Directorate of Socioeconomics Studies (DNESE) for forecasting and policy analysis. The agreed-on action plan is centered around the customization of the Macroeconomic Foundations Tool (MFT), which will assist the directorate in more effectively achieving their responsibilities as coordinator of the Macroeconomic Programming exercise.
Keywords:
Macroeconomic Framework; Financial Programming and Policies; Macroeconomic Foundations Tool (MFT); Imf publication; Macroeconomic Foundations Tool; staff of the International Monetary Fund; technical assistance report; Angola's Ministry of Planning; report series; Macro-fiscal framework
Cover High-Level Summary Technical Assistance Reports
Angola: Assistência Técnica sobre o Quadro Macroeconómico: Missão de Escopo
Simone M Cuiabano
,
Ricardo Alves Monteiro
, and
Maria Sofi­a Anastacio
Este documento descreve o início e as fases iniciais de um projeto de Assistência Técnica destinado a melhorar o quadro macroeconómico do Ministério do Planeamento de Angola (MinPlan), garantindo a coerência entre os quatro setores da economia. Na sequência de um pedido das autoridades angolanas, o corpo técnico do ICD do FMI inciou discussões virtuais abrangentes com o MinPlan e o Ministério das Finanças em fevereiro, março e maio de 2025. Em maio de 2025, realizou-se em Luanda uma missão de escopo para diagnosticar a capacidade e os recursos existentes na Direcção Nacional de Estudos Socioeconómicos (DNESE) para a elaboração de previsões e análise de políticas. O plano de ação acordado centra-se na personalização do Instrumento de Bases Macroeconómicas (MFT), que ajudará a direção a cumprir mais eficazmente as suas responsabilidades como coordenador do exercício de Programação Macroeconómica.
Keywords:
Quadro Macroeconómico; Políticas e Programação Financeira; Macroeconomic Foundations Tool (MFT)
Cover Technical Assistance Reports
Angola: Relatório de Assistência Técnica-Assistência Técnica sobre o Quadro Macroeconómico: Missão de Escopo
International Monetary Fund. Institute for Capacity Development
Este documento descreve o início e as fases iniciais de um projeto de Assistência Técnica destinado a melhorar o quadro macroeconómico do Ministério do Planeamento de Angola (MinPlan), garantindo a coerência entre os quatro setores da economia. Na sequência de um pedido das autoridades angolanas, o corpo técnico do ICD do FMI inciou discussões virtuais abrangentes com o MinPlan e o Ministério das Finanças em fevereiro, março e maio de 2025. Em maio de 2025, realizou-se em Luanda uma missão de escopo para diagnosticar a capacidade e os recursos existentes na Direcção Nacional de Estudos Socioeconómicos (DNESE) para a elaboração de previsões e análise de políticas. O plano de ação acordado centra-se na personalização do Instrumento de Bases Macroeconómicas (MFT), que ajudará a direção a cumprir mais eficazmente as suas responsabilidades como coordenador do exercício de Programação Macroeconómica.
Keywords:
Quadro Macroeconómico; Políticas e Programação Financeira; Macroeconomic Foundations Tool (MFT).
Cover Technical Assistance Reports
Angola: Technical Assistance Report-Macroeconomic Framework Technical Assistance: Scoping Mission
International Monetary Fund. Institute for Capacity Development
This document outlines the initiation and early stages of a Technical Assistance project designed to improve Angola's Ministry of Planning (MinPlan) macroeconomic framework, ensuring consistency across the four sectors of the economy. Following a request from Angolan authorities, IMF ICD staff engaged in comprehensive virtual discussions with the MinPlan and Ministry of Finance in February, March, and May 2025. A scoping mission was held in Luanda in May 2025 to diagnose existing capacity and resources at the National Directorate of Socioeconomics Studies (DNESE) for forecasting and policy analysis. The agreed-on action plan is centered around the customization of the Macroeconomic Foundations Tool (MFT), which will assist the directorate in more effectively achieving their responsibilities as coordinator of the Macroeconomic Programming exercise.
Keywords:
Macroeconomic frameworks; Financial Programming and Policies; Macroeconomic Foundations Tool (MFT).; IMF publication; Institute for Capacity Development department; IMF mission; staff size; staff of the International Monetary Fund; technical assistance provider; Macro-fiscal framework; Macroeconomic and fiscal forecasts; Exchange rates; Global
Cover IMF Staff Country Reports
Angola: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Angola
International Monetary Fund. African Dept.
The 2026 Article IV Consultation with Angola discusses that a significant decline in oil production weakened fiscal and external positions. Overall growth held up in 2025, partly supported by public spending. Inflation eased from its peak, partly due to tight monetary policy, but remained at double digits. Despite a pickup in non-oil economic growth in recent years, non-oil revenues remained constrained while oil revenues declined sharply. Angola’s access to international markets has improved but elevated fiscal financing needs continued to crowd out social spending and private credit while further weakening the external position. The medium-term outlook remains subdued reflecting a structural decline in oil revenues, with economic growth depending on the success of diversification efforts. The exchange rate should serve as a key shock absorber, while monetary policy should focus on sustaining the disinflationary trend. Structural reforms to strengthen governance, improve the business climate, and enhance financial stability and inclusion are needed to support economic diversification.
Keywords:
AFRITAC South; oil price; inflation expectation; Imf executive board; disinflation process; Oil; Oil, gas and mining taxes; Global; Middle East
Cover IMF Staff Country Reports
Angola: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper aims to analyze the determinants of sovereign spreads for Angola and investigate the potential bias against the country. This paper examines the determinants of sovereign borrowing costs and their relative contributions in order to inform policy reforms aimed at reducing borrowing costs and improving foreign exchange liquidity management. The analysis builds on a growing body of empirical literature focused on sovereign bond issuance and spreads in emerging market and developing economies (EMDEs), particularly in Sub-Saharan Africa. The study also investigates the existence of an Angola-specific “risk premium” by estimating country-fixed effects within a panel regression framework. Empirical findings show that domestic factors—especially governance quality, public debt levels, and inflation—are the most significant determinants of sovereign spreads. Strong governance structures, sustainable debt positions, and stable inflation are identified as essential conditions for lowering sovereign borrowing costs in Angola and other EMDEs. Among the various domestic pull factors considered, governance, debt sustainability, and inflation consistently emerge as the most influential drivers of sovereign spreads and investor perceptions in international financial markets.
Keywords:
comparing income; Angola risk premium; property tax revenue; fuel price; Angola bias; Oil; Oil, gas and mining taxes; Fiscal stance; Energy subsidies; Global; Sub-Saharan Africa; Africa; Southern Africa
Cover IMF Staff Country Reports
Angola: Financial Sector Assessment Program-Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This paper on Angola highlights the Financial Sector Assessment Program report. Angola’s oil-dependent economy showed signs of recovery in 2024, although sovereign and private financing conditions remained constrained. The country’s bank-dominated financial sector is relatively small and generally well-capitalized, but several vulnerabilities persist, including high levels of nonperforming loans, strong links between banks and sovereign debt, and exposure to foreign exchange and climate-related risks. Strengthening systemic risk analysis and macroprudential policymaking is essential, particularly through improvements in data quality, institutional coordination, policy tools, stress testing frameworks, and public communication. Regulatory and supervisory frameworks for banks also require significant reforms to support a more risk-based and forward-looking supervisory approach, including greater supervisory capacity and improved data systems. In addition, components of the financial safety net and crisis management framework need enhancement, such as bank resolution mechanisms and emergency liquidity assistance arrangements. Addressing weaknesses in the Combating the Financing of Terrorism framework is equally important to support Angola’s removal from the Financial Action Task Force grey list and enhance financial stability.
Keywords:
liquidity indicator; capital market; systemwide liquidity analysis; problem bank; Fsap finding; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector stability; Financial Sector Assessment Program; Financial sector; Global; Southern Africa; Middle East; Africa
Cover IMF Staff Country Reports
Republic of Mozambique: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Mozambique
International Monetary Fund. African Dept.
The 2025 Article IV Consultation highlights that Mozambique continues to face a complex macroeconomic environment marked by subdued growth, fiscal and debt vulnerabilities, and declining foreign aid. On the economic front, growth has been lackluster, while high and persistent fiscal deficits have become increasingly difficult to finance. Under current policies, public debt is assessed as unsustainable and the external position is substantially weaker than the level implied by medium-term fundamentals and desirable policies. Front-loaded fiscal consolidation is essential to restore fiscal sustainability and reduce debt vulnerabilities, while creating fiscal space for development and safety nets for the most vulnerable. While inflationary expectations are well anchored and growth is below potential, room for easing tight monetary conditions is limited due to exchange rate rigidities and the risk of aggravating foreign exchange shortages. The central bank should closely monitor financial stability, conduct stress tests, and deploy bank resolution frameworks as needed. Strengthening governance, transparency, accountability, and the rule of law is critical for fostering a predictable business environment that can attract investment and create jobs.
Keywords:
financing needs; market intelligence; monetary policy operation; exchange restriction; arrears financing; Debt sustainability analysis; Debt service; Global
Cover IMF Staff Country Reports
Democratic Republic of São Tomé and Príncipe: Second Review Under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, Modification of Performance Criteria, Extension and Augmentation of the Arrangement, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Republic of São Tomé and Príncipe
International Monetary Fund. African Dept.
This paper presents Democratic Republic of São Tomé and Príncipe’s Second Review under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, Modification of Performance Criteria, Extension and Augmentation of the Arrangement, and Financing Assurances Review. São Tomé and Príncipe’s structural challenges—remoteness, small size, climate risk exposure, weak institutions, narrow exports, and labor losses from emigration—hinder job-rich, inclusive, and blue growth. The authorities are committed to vigorously implementing their domestic revenue mobilization strategy to underpin fiscal consolidation. Risks to program implementation —including prolonged power outages, policy slippages in the run-up to next year’s elections, commodity price volatility, and climate-related events—are manageable, backed by the government’s strong commitment to engagement with the IMF. On the structural side, out of a total of fifteen structural benchmarks assessed, five were met, three were converted into prior actions, and one was implemented with a delay.
Keywords:
staff appraisal; payment arrears; IMF staff; staff report; arrears of the central government; Global; Europe
Cover Technical Assistance Reports
Mauritius: Technical Assistance Report-Report on the National Accounts and Balance of Payments Mission (March 24–28, 2025)
International Monetary Fund. Statistics Dept.
The Mauritius authorities requested IMF technical assistance to reconcile the statistical treatment of Global Business Corporations (GBCs) in the national accounts and the balance of payments. An IMF mission worked with Statistics Mauritius and the Bank of Mauritius to investigate significant GDP discrepancies, which were found to arise mainly from survey coverage gaps and methodological shortcomings in the measurement of output for the various types of GBCs. Following the discussions, both institutions agreed to the mission’s proposals to revise the methodology used to compile output and investment income of GBCs, in order to strengthen accuracy and ensure consistency across datasets.
Keywords:
Global Business Corporations; National Accounts; GDP; Investment Funds; Holding Companies.; investment income; statistics department; technical assistance provider; International Monetary Fund to the authorities; IMF executive directors; Income; Mutual funds; Exports; Service exports; Global; Africa