The government of Angola will issue Treasury Bonds in foreign currency worth up to US$2 billion, under an executive order signed by the finance minister, Armando Manuel.
The order stipulates that the issuance of government bonds, paid in foreign currency, is reserved for “public expenditure funding” and the “2015 financial year.”
Earlier this week, the Reuters news agency reported that the government of Angola had cancelled the issuance of Eurobonds in the amount of US$1.5 billion due to the current economic conditions and had not established any new timetable for future issues.
The agency cite a ministry source as saying that “our partners recommended that we should not continue with the launch of this debt issue at this time.”
Last week, Fitch Ratings downgraded Angola’s credit rating from “BB-” to “B+” a cut that highlighted the effect the drop in oil prices has had on the economy. (macauhub/AO)