Angola's macroeconomic environment is challenging. The oil price shock has significantly reduced fiscal revenue and exports, bringing to the forefront the need to address more forcefully vulnerabilities and diversify the economy, and better manage oil revenue volatility. The authorities have taken important policy steps to mitigate the impact of the shock: the revised budget for 2015 envisages a significant improvement in the non-oil primary balance, mainly through spending cuts; and the kwanza is being devalued, with international reserves being used to smooth the depreciation. But additional policy adjustments will be needed as the economy adjusts to what appears to be permanently lower oil revenues.
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|Size: ||6.0 MB|
|Publisher: ||INTERNATIONAL MONETARY FUND|
|Date published: || 2015|
|ISBN: ||9781498306997 (DRM-EPUB)|
|Read Aloud: ||not allowed|