安哥拉：2026年第四条磋商新闻稿；员工报告；安哥拉执行主任的发言

2026ARTICLE IV CONSULTATION—PRESS RELEASE;STAFF REPORT;INFORMATIONAL ANNEXANDSTATEMENT BY THE EXECUTIVE DIRECTOR FORANGOLA Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussionswith members, usually every year. In the context of the2026Article IV consultation withAngola, the following documents have been released and are included in this package: •APress Releasesummarizing the views of the Executive Board as expressed during itsMay 1, 2026consideration of the staff report that concluded the Article IVconsultation withAngola. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onMay 1, 2026, following discussions that ended onMarch 19, 2026,with the officials ofAngolaon economic developments and policies. Based oninformation available at the time of these discussions, the staff report was completedonApril 13, 2026. •AnInformational Annexprepared by the IMFstaff. •AStatement by the Executive DirectorforAngola. The documents listed below have been or will be separately released. Selected IssuesFinancial SystemStabilityAssessment TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive Board Concludes 2026 Article IV Consultationwith Angola FOR IMMEDIATE RELEASE Washington, DC – May 1, 2026:The Executive Board of the International Monetary Fund(IMF) completed the Article IV Consultation for Angola.1This also included a discussion of thefindings of the Financial Sector Assessment Program (FSAP) exercise for Angola.2Theauthorities have consented to the publication of the Staff Report prepared for thisconsultation.3 Overall growth held up at 3.1 percent in 2025, partly supported by public spending. Inflationcontinued to ease to 12.4 percent in March 2026, partly due to tight monetary policy. Asignificant decline in oil production, however, weakened fiscal and external positions in 2025.Lower oil revenues and expenditure slippages resulted in an overall fiscal deficit of 4.1 percentof GDP. Lower oil exports and the real appreciation of the kwanza contributed to a weakercurrent account balance; preliminary estimate is down to 0.4 percent of GDP. As of end-2025,the Banco Nacional de Angola (BNA)’s international reserves remained broadly unchangedwith 7.4 months of import cover. The medium-term outlook remains subdued reflecting a structural decline in oil revenues, witheconomic growth depending on the success of diversification efforts. The 2026 budgetenvisages fiscal consolidation and reaffirms a commitment to prudent debt management topreserve macroeconomic stability while addressing critical spending needs. The recent surgein oil prices has improved Angola’s access to international markets and is projected to providea temporary offset to Angola’s declining oil revenues. Gross financing needs are, however,projected to rise with public debt reaching the ceiling under the Fiscal Sustainability Law in themedium term. Downside risks to this outlook include declines in oil revenues, intensification ofspending pressures during the temporary oil price hike, and tighter global financial conditions.Upside risks include stronger-than-expected oil production amid elevated oil prices and aneasing of global financial conditions. Executive Board Assessment4 Executive Directors agreed with the thrust of the staff appraisal. They welcomed thesustained growth in 2025, notwithstanding a significant decline in the oil production, alongsideeasing inflation and improved market access. Directors noted that the outlook remains subjectto considerable downside risks, particularly from oil price volatility and tighter global financialconditions. Accordingly, they emphasized the need to maintain prudent policies and advancestructural reforms to support growth and economic diversification. Directors welcomed the authorities’ commitment to adjust expenditure under the 2026budget to reduce the fiscal deficit. Noting the importance of safeguarding fiscal and debtsustainability amid a structural decline in oil revenues, Directors emphasized the importanceof sustained fiscal consolidation, consistent with the Fiscal Sustainability Law. They alsorecommended that any oil windfall should be used to reduce debt and build buffers. Measuresto improve spending efficiency, accelerate progress on revenue mobilization, and advancefuel subsidy reform, while protecting the most vulnerable, are key priorities. Directors alsounderscored the importance of strengthening public financial management, advancingstate‑owned enterprise reform, and prudent de