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Angolan Public Debt Increases by €26B from September 2022 to June 2023

Angolan Public Debt Increases by €26B from September 2022 to June 2023

Angola’s public debt stock rose from 30.86 billion kwanzas (33 billion euros) to 53.81 billion kwanzas (59 billion euros) from the end of the third quarter of 2022 to the end of the second quarter of 2023.

The figures were released today by the Angolan Minister of Finance, Vera Daves de Sousa, during the presentation in the National Assembly (parliament) of the summary of the reports on the implementation of the General State Budget (OGE) for the last two quarters of 2022 and the first two quarters of 2023.

According to the minister, the amount was 30.86 billion kwanzas (33 billion euros) in the third quarter of 2022, rising in the following quarter to 36.25 billion kwanzas (39 billion euros).

In the first quarter of 2023 the debt totalled 36.44 billion kwanzas (40 billion euros) and in the second quarter 53.81 billion kwanzas (59.2 billion euros).

Angola’s public debt includes debt service with banks, multilateral and bilateral local and international financial institutions.

Vera Daves noted that “in the first quarter of 2023, debt servicing with banks and local investors was 1.06 billion kwanzas (1.1 billion euros) and in the second quarter it was 1.58 billion kwanzas (1.7 billion euros),” she told MPs.

Servicing the foreign debt cost Angola around 883 billion kwanzas (972 million euros) in the third quarter of 2022 and 835.62 billion kwanzas (990 million euros) in the fourth quarter.

For the first and second quarters of 2023, 510.75 billion kwanzas (562 million euros) and 1.55 billion kwanzas (1.7 billion euros), respectively, were paid.

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Angola’s finance minister also pointed out that oil production was between 1.14 and 1.09 million barrels of oil per day in the four quarters under review, with revenues falling from 4.76 billion kwanzas (5.2 billion euros) to 3.42 billion kwanzas (3.7 billion euros) in the period under review.

In the area of budget execution, the third quarter of 2023 once again saw a surplus of around 813.22 billion kwanzas (895 million euros), after two previous quarters with a deficit.

Lusa

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