ANGOLA CALLS FOR EXTENSION OF G20 DEBT SUSPENSION

Luanda – The Angolan government has requested its sovereign partners of the G20 to put on hold the service of non-guaranteed bilateral debt, from 1 July to 31 December 2021, which allows for a saving of US$3 billion, until 2023, ANGOP learnt today from a source at the the Finance Ministry.

In a statement, the Finance Ministry said that the Angolan authorities, with the support of the International Monetary Fund (IMF) and other multilateral partners, continued to implement an “ambitious programme” of macroeconomic reforms, with emphasis on debt management.

The programme, according to the Finance Ministry, continues to have the expected effects, to the extent that it has placed Angola’s public debt on a sustainable basis, despite the impacts caused by the Covid-19 pandemic.

Regarding scope and duration, the extension of the G20 Debt Service (DSSI) will provide Angola with additional funds to continue to mitigate the consequences of the Covid-19 pandemic and increase the Government’s capacity to continue with the implementation of its long term programme of sustainable economic growth for the country.

The Ministry of Finance expresses confidence in the support of its multilateral partners, as well as in the continued implementation of its debt sustainability programme that will improve the economic potential of the country and the lives of the Angolan people.

Nevertheless, the said ministry says that it does not foresee, at this time, the need to engage in further profile reformulation negotiations with creditors, beyond those related to the implementation of the DSSI.

Thus, the International Monetary Fund recently assessed Angola’s debt as sustainable without further restructuring, and expects it to remain sustainable over the medium term, as defined at the time.

Source: Angola Press News Agency

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