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 includes a potential IMF program and funding from other multilateral sources like the World Bank and African Development Bank, the minister reported.