Angolan government pays US$2.2 billion in outstanding debts

21 April 2011

Luanda, Angola, 21 April – The Angolan government has paid around US$2.2 billion in outstanding payments and estimates that debts worth some US$2.5 billion that have yet to be paid, will be dealt with in two tranches this year, Angola’s Finance Minister said Wednesday in Luanda.

Carlos Lopes said that the first tranche would pay out around US$900 million by the end of May, and that starting in June payments would be made on a monthly basis to each of the creditors.

In relation to debts owed to retail banks, Carlos Lopes said that, in the first quarter of the year, the government paid out around US$650 million and issued Treasury Bonds worth some US$100 million, calculating that the remainder of this outstanding debt totals US$1.2 billion.

The minister said that the financial needs for the 2011 financial year totalled 649.5 billion kwanzas (US$6.946 billion).

In terms of internal debt, he said that the government had started to process a treasury rights issue in national currency to a maximum of 480 billion kwanzas via weekly auctions in small lots, whilst also issuing treasury bonds in national currency also via monthly auctions, with maturities of between three and six years. (macauhub)