Angola: Angolan foreign reserves exceed foreign debt levels

2 January 2009

Luanda, Angola, 2 Jan – Angola’s foreign currency reserves held by the National Bank of Angola (BNA) recently reached a total of US$18.9 billion, whilst at the end of November the country’s foreign debts totalled US$13.6 billion, the governor of the Bank of Angola said in Luanda.

During an end-of-year ceremony, Amadeu Maurício said that in 2007 Angola’s foreign reserves had totalled around US$15 billion.

The governor also said that despite the slowdown in economic growth, as a result of the international financial crisis, Angola continued to be one of the world’s fastest growing economies (15.6 percent), with an estimated gross domestic product (GDP) of US$6.413 trillion kwanzas.

Due to its macro-economic stability, the “Angola risk” has seen a fall, having moved from last to penultimate place in the Paris Club list, a position which may improve when Angola finishes paying its late payment interest, valued at US$1.8 billion.

After paying off its debt to the Paris Club, totalling some US$2.3 billion, Angola has been paying its late payment interest in three stages: In the first it paid off US$800 million, in the second, which is due to take place this month, US$600 million and US$400 million is due to be paid in 2010.

According to Maurício, the management of foreign debt, carried out by the Government, was focused on restoring international credibility, finding new sources of funding, boosting international relations with traditional partners and reducing the cost of funding. (macauhub)