The Angolan government this year plans to issue its first international bonds, in the amount of US$1 billion, according to a statement from the Republican Presidency’s Support Services.
The debt issue is part of the Debt Plan for 2013 presented at the meeting of the Economic Commission of the Council of Ministers, held Thursday in Luanda.
The Debt Plan for 2013 also includes issuing Treasury Bonds in Angolan currency (kwanzas) for capitalisation of the Bank of Angola, with 20-year bonds totalling US$500 million.
“The plan includes issuing sovereign debt, known as euro-bonds, in the amount of US$1 billion, as well as making use of traditional lines of credit for exports available for public investment projects,” the statement said.
Financial news agency Reuters reported that a first issue of euro-bonds (debt issued in a different currency than that of the issuing country, in another country), in the value of US$4 billion, had been planned for 2009, but was put off, due to a drop in the price of oil.
This drop in oil prices led to Angola’s foreign reserves being reduced, which meant the country had to ask for financial assistance from the International Monetary Fund (IMF). (macauhub)