Angola Weekly

Dear subscriber [name],

Here is this last week’s Angola Weekly.

Highlights:

•At the end of Q1 2021, Angola's Sovereign Wealth Fund (FSDEA) had USD 2.27 billion (Bn) in own funds, an increase of USD 0.03Bn compared to the end of 2020;
•ANPG announced that it had signed production sharing agreement with ENI and Sonangol for Blocks 27 and 28 in the Namibe basin;
•Brent saw a significant decline over the past week, after peaking at around USD 77.5 - prices were pressured by the lack of agreement between OPEC and the countries associated with the cartel;
•The IMF now expects a very slight downturn in economic activity this year, of 0.1%, due to a 7.0% decrease in the oil economy, and a 2.3% increase in the non-oil economy;
•In fiscal terms, the Fund expects a surplus of 2.2% of GDP this year, due to higher oil tax revenues.

Best regards,
BFA

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