- Favorable external environment supported a stronger external position and non-oil activity, improved market access, and declining inflation. At the same time, however, it slowed macroeconomic adjustment and reform momentum critical in reducing Angola's oil dependence and vulnerabilities.
- Sustaining hard-won macroeconomic stability and productivity gains in this shock-prone world will require proactive fiscal consolidation, prudent monetary policy, and exchange rate flexibility.
- Angola's 2026 PFA is expected to be discussed at the IMF Executive Board in November 2026.
Luanda, Angola: An International Monetary Fund (IMF) staff team led by Mika Saito held discussions virtually and in Luanda during August 24-September 9, 2026, as part of Angola's Post-Financing Assessment (PFA) [1] . The team met with representatives of the government, the National Bank of Angola, Parliament, civil society, the private sector, the financial sector, and development partners.
At the end of the mission, Ms. Saito issued the following statement:
"Favorable external environment supported a stronger external position and non-oil activity, improved market access, and declining inflation. At the same time, it slowed macroeconomic adjustment and reform momentum critical in reducing Angola's oil dependence and vulnerabilities. The outlook remains subject to downside risks, including oil price volatility, tighter external financing conditions, and delays in fiscal consolidation and reform implementation.
"Sustaining hard-won macroeconomic stability and productivity gains in non-oil sector in this shock-prone world require upfront fiscal consolidation, prudent monetary policy, and exchange rate flexibility. Further structural reforms to improve the business environment, strengthen governance, attract foreign investments and diversify the economy will be important for sustainable growth.
The IMF team thanks the authorities for their constructive and open discussions. Angola's 2026 PFA is expected to be discussed at the IMF Executive Board in November 2026.
[1] A Post-Financing Assessment (PFA) is expected for countries with outstanding IMF credit above the absolute or quota-based thresholds that do not have an IMF-supported program or a staff-monitored program. It reports on the members' policies, the consistency of the macroeconomic framework with the objective of medium-term viability, and the implications for the member's capacity to repay the Fund.
