Angola Weekly

Here is this last week’s Angola Weekly.

Highlights:

• The IMF completed the 5th review of the Angolan Extended Financing Facility, releasing a tranche of USD 772 million. In total, Angola has already received USD 3.9Bn;

• In anticipation of the review, the Minister of Finance indicated that the Executive is still evaluating whether it will enter into a new IMF program following the end of the current arrangement, and that it should take the decision by the end of the year;

• According to data from the Ministry of Finance, government debt ended Q1 quarter at around USD 63.43bn, a year-on-year decrease of USD 1.6bn;

• The privatization process of 51% of the capital of the public insurance company ENSA was started, and IGAPE made tender specifications available on its website;

• Crude exports fell by 17.5% in the first 5 months of the year, compared to the same period of the previous year, averaging 1.15 million barrels per day, according to the Ministry of Finance;

• Brent continued to rise this week, ending on Friday at around USD 72.6, the highest since October 2018.

• Inflation picked up again slightly, to 24.9% in May.

• The unemployment rate declined slightly to 30.5% in Q1 2021, down from 30.6% at the end of 2020.