https://en.sputniknews.africa/20241026/possibility-of-low-oil-prices-threatens-angolas-economy-countrys-finance-minister-says--1068900361.html
Possibility of Low Oil Prices Threatens Angola's Economy, Country’s Finance Minister Says
Possibility of Low Oil Prices Threatens Angola's Economy, Country’s Finance Minister Says
Sputnik Africa
Angola's decision to leave OPEC earlier this year and the potential need for IMF support highlight the country's economic vulnerability to global oil price... 26.10.2024, Sputnik Africa
2024-10-26T19:13+0200
2024-10-26T19:13+0200
2024-10-28T11:16+0100
angola
southern africa
oil
sub-saharan africa
budget
investment
world bank
international monetary fund (imf)
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Angola, Africa's second-largest oil exporter, is facing pressure from potentially lower oil prices, which are expected to average $70-$72 per barrel in 2024 compared to $75 in 2023, Angola’s Finance Minister Daves de Sousa told the UK media. To address the situation, the government will continue phasing out fuel subsidies, which currently amount to 4% of GDP, Daves de Sousa said. The budget will be presented to the parliament next week, with external financing needs being finalized in the coming days, the official noted. Angola is exploring external financing options, which include a potential IMF program and funding from other multilateral sources like the World Bank and African Development Bank, the minister reported.
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angola, southern africa, oil, budget, investment, world bank, international monetary fund (imf)
angola, southern africa, oil, budget, investment, world bank, international monetary fund (imf)
Possibility of Low Oil Prices Threatens Angola's Economy, Country’s Finance Minister Says
19:13 26.10.2024 (Updated: 11:16 28.10.2024) Alla Shukanova
Writer / Editor
Angola's decision to leave OPEC earlier this year and the potential need for IMF support highlight the country's economic vulnerability to global oil price fluctuations, the media stressed.
Angola, Africa's second-largest oil exporter, is facing
pressure from potentially lower oil prices, which are expected to average $70-$72 per barrel in 2024 compared to $75 in 2023, Angola’s Finance Minister Daves de Sousa told the UK media.
To address the situation, the government will continue phasing out fuel subsidies, which currently amount to 4% of GDP, Daves de Sousa said.
The
budget will be presented to the parliament next week, with external financing needs being finalized in the coming days, the official noted.
Angola is exploring external financing options, which include a potential IMF program and funding from other multilateral sources like the World Bank and African Development Bank, the minister reported.
