Flash Note

Dear subscriber [name],

Here is this last week’s Angola Weekly.

Highlights:

The State Budget (OGE) for 2022, approved by the Angolan parliament on December 14th, provides for budget revenues of AOA 11.6 trillion (Tn) and expenditures also budgeted for AOA 11.6Tn. According to our calculations, in Dollars, the Executive expects budget revenue and expenditure of around USD 16.3 billion (Bn), which will result in a balanced budget. In 2021, Angola managed to post a fiscal surplus again, a cycle of positive balances that had started in 2018 and was interrupted by the year with the most serious impact of the pandemic, in 2020.
Overall, the 2022 Budget forecasts a zero budget balance for 2022, which we expect to be only slightly conservative. We expect a positive balance of AOA 0.1-0.5Tn, based on a higher Brent price than expected by the Government, but also on a more positive exchange rate performance for the Kwanza than the government assumption, which in turn is not so positive for fiscal performance, due to the prevalence of oil revenues in Dollars.

Best regards,
BFA

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