IMF Warns Angola Faces Rising Debt Risks as Oil Income Declines
An oil and gas storage facility at a port in Luanda.
Photographer: Andrew Caballero-Reynolds/AFP/ Getty Images
Angola faces mounting debt risks as oil revenue drops and external borrowing costs increase, the International Monetary Fund said.
The southwest African nation’s overall fiscal position has deteriorated, with its budget shortfall forecast to almost triple to 2.8% of gross domestic product this year, reflecting lower oil prices and declining output, the fund said in a statement late Friday.