Angola’s external public debt currently stands at US$38.06 billion, Finance Minister Archer Mangueira said in Luanda on Tuesday in the presentation session of the Macroeconomic Stabilisation Programme of 2018.
The minister also said that the stock of public debt last year reached 12.2 trillion kwanzas (US$73.1 billion), “which represents almost 67% of the country’s Gross Domestic Product (GDP).”
Angola’s external public debt at the end of 2010 amounted to US$30 billion, about 38.7% of GDP.
The Minister of State for Economic and Social Development, Manuel Nunes Júnior, pointed out that Angola’s budget deficits have led to an increase in indebtedness, from less than 30% of GDP in 2013 to almost 60% in 2016.
“The increased internal indebtedness of the state has raised domestic interest rates, reducing the potential of economic growth, especially what could be promoted by the private sector, through bank credit,” added Júnior. (macauhub)