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Title Angola : fourth review under the stand-by arrangement, request for waivers of nonobservance of performance criteria, request for waivers of applicability of performance criteria, and request for modification of performance criteria / prepared by the African Dept., in consultation with other departments
Published Washington, D.C. : International Monetary Fund, [2011]
©2011
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Description 1 online resource (63 pages)
Series IMF country report ; no. 11/51
IMF country report ; no. 11/51
Summary 1. The Angolan economy was badly buffeted by the sharp drop in global oil prices that began in late-2008. Oil is central to the Angolan economy, contributing 75 percent of government revenues and 96 percent of merchandise exports, and the erosion of oil revenues destabilized both the public finances and the balance of payments. The budget moved into a sizeable deficit; interest rates rose sharply; and the exchange rate, defended by a mix of a reserve depletion and rationing of foreign exchange, came under severe pressure. Facing sizeable financing needs, the authorities began to default on payment obligations to domestic suppliers, undermining the financial position of these entities
Notes Online resource; title from PDF title page (IMF Web site, viewed June 13, 2011)
Subject International Monetary Fund -- Angola.
Economic indicators -- Angola.
Angola -- Economic conditions.
Angola -- Economic policy.
Form Electronic book
Author International Monetary Fund, issuing body
ISBN 1283568985
1455221600
1455291226 (electronic bk.)
9781283568982
9781455221608
9781455291229 (electronic bk.)
Other Titles Angola, fourth review under the stand-by arrangement