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The International Monetary Fund said on Friday that Angola’s public debt is projected to hit its ceiling in the medium term, and urged the government to use any windfall from higher oil prices to cut debt and build buffers. The warning comes as declining oil production continues to weigh on the country’s finances.
The IMF said the recent surge in oil prices has improved Angola’s access to international markets and could temporarily offset falling oil revenues. Even so, it said gross financing needs are expected to rise, with debt reaching the limit set under the Fiscal Sustainability Law.
The fund made the comments after concluding its Article IV review of Angola. It said the government needs to press ahead with fiscal consolidation and prudent debt management because weaker oil revenues are darkening the medium-term outlook.
Angola’s 2026 budget assumed an oil price of $61 a barrel, while Brent is trading above $100, giving the government a short-term windfall. The IMF said the country’s future growth will depend on diversification efforts as structurally lower oil revenues continue to constrain public finances and external balances.
Angola is not currently seeking an IMF lending programme, but it is receiving technical assistance on tax revenue, spending analysis and other reforms. The country is also looking for external support from other sources, including the African Development Bank.
