Angola: Treasury bonds to be issued in stages

26 March 2009

Luanda, Angola, 26 March – The issue of Angolan Treasury Bonds approved Wednesday by the Council of Ministers, will be carried out in stages and subject to the conditions of free subscription by investors, the Angolan Finance Minister, Severim de Morais said in Luanda.

The bonds will be issued in kwanzas in order to induce investor confidence in Angola’s currency and make it possible to set up a benchmark interest rate structure for the national currency in the medium and long term, according to a statement issued following the government meeting.

“It is an important measure within the timeline of measures approved by the Council of Ministers. It is a budget, monetary and fiscal policy instrument,” Morais noted.

After issuing short term debt in 2007 and 2008 the Finance Minister said that this year the choice had been Treasury Bonds, “in order to transform short term debt into medium term debt.”

Accordingt o Morais, issuing this type of securities is a “very important” step for the execution of fiscal and monetary measures that offer the Government “a more relaxed management of the General State Budget.” (macauhub)