Angola’s public debt is moderate, Finance Minister says

15 October 2013

Angola’s level of public debt is moderate, both internally and externally, and stands at below 50 percent of Gross Domestic Product (GDP), the country’s Finance Minister, Armando Manuel said recently in Washington.

Speaking to Angolan news agency Angop on the sideline of preliminary meetings held ahead of the annual meetings of the International Monetary Fund (IMF) and the World Bank, on 11 and 13 October, the minister said that in the next few years public debt was not expected to exceed 60 percent of GDP.

Noting that there was a recommendation that public debt should not exceed 60 percent of GDP, Armando Manuel said that Angola, with its limited resources, would still have to take on debt to fund its portfolio of public investment.

The Minister also said that debt levels within the Angolan economy, particularly in the state sector, were related to the national reconstruction process, including construction of schools, hospitals, railways and refurbishment of airports across the country. (macauhub)