Wednesday, 13 July 2016

Angola’s fiscal performance has been in-line with the 2016 Budget

Angola’s fiscal performance has been in-line with the 2016 BudgetThe Ministry of Finance of the Republic of Angola is pleased to publish an update on its budgetary performance and certain other key performance indicators
The Ministry of Finance of the Republic of Angola (“Angola”) (Ba3 / B / B+), is pleased to publish an update on its budgetary performance and certain other key performance indicators. 


Highlights (as of 30th June 2016):
• Total Fiscal Expenditure: The 2016 Budget had forecasted $30bn; this is now estimated to be $24bn by the end of the year;


• Total Fiscal Revenue: The 2016 Budget had forecasted $24,4bn. Updated fiscal estimates indicates to be $18bn], of which $8,3bn accounts for oil revenue;


• Budget Deficit: The 2016 Budget had forecasted 5.5%, this is estimated to realize at [6.0%].

• Oil Sector: 

• The average realized oil price for the first semester through to has been [$36/bbl]. 2016 Budget had forecasted an average oil price of $45/bbl. Updated fiscal projections are based upon on an average oil price forecasted of [$41/bbl]. 

• The average oil production in 2016 has been 1.77m barrels/day, in line with the 2016 Budget estimates. 


• Funding:

• External funding facilities to the tune of [$11,46bn] have been successfully raised from Nov. 2015 to June 2016. These include: 

•Funding from the China Development Bank for [$5bn]

• Funding from ICBC and Eximbank and CDB (other facilities) $1.98bn (Concluded and to be concluded until the end of 2016)

• [$1.18bn] for projects financed by funding supported by various international Export Credit Agencies (Concluded and to be concluded until the end of 2016)

• Framework Agreements and Budget Suport (conclude and to be concluded until the end of 2016) $3.3B 

• FX Reserves (excluding the SWF): Stood at $24bn as at 6th June 

• Domestic funding totaling (Government securities) [AOA 512.36bn] have been successfully executed in 2016

• Government Debt Levels¹:  Stood at [$47,9bn] as at
  External debt [$25,5bn]

 • Upcoming External Debt Maturities in next 12 months: [$4,4bn]  

Principal    3,2  

Interest     1,1  

Total external debt service  4,4


• Estimated GDP growth rate in 2016: [1,3%] [1] Read more....

0 comments :

Post a Comment