Angola: Selected Issues

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2015 Issue 302

Publication date: November 2015

ISBN: 9781513547855

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Economics- Macroeconomics , Public Finance , Taxation - General , ISCR , CR , bank , tax , Angola , Angolan bank , reference rate , interbank rate , lending rate , Banco de Desenvolvimento de Angola , Tax expenditures , Fiscal risks , Interbank rates , Oil prices , Deposit rates , Global , Africa

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Summary

This Selected Issues paper assesses macroeconomic fiscal risks and the benefits of improved fiscal risk management in Angola. Angola faces fiscal risks coming from multiple sources, such as volatility in oil prices and production, macroeconomic shocks, weak macroeconomic forecasting; weaknesses in public fiscal management, energy subsidies, potential delays of oil revenue transfers from the state-owned oil company Sonangol to the Treasury, and contingent liabilities from state-owned banks and enterprises. Addressing these risks requires action in various fronts, including more transparent fiscal reporting, improved forecasting of fiscal aggregates and other macroeconomic variables, developing a fiscal stabilization fund with more flexible deposit and withdrawal rules, strengthened public expenditure controls, and more timely oil revenue transfers from Sonangol to the Treasury.