Angola forecasts 69 percent debt-to-GDP ratio for 2024

The Angolan government anticipates a 2.8 percent growth in gross domestic product (GDP), with the total public debt ratio expected to be about 69 percent of GDP in 2024, said Ottoniel dos Santos, secretary of state for finance and treasury, Wednesday in the capital city of Luanda.

During the public exhibition of the International Monetary Fund’s report on the Regional Economic Outlook for Sub-Saharan Africa, Ottoniel dos Santos said that the Angolan government’s debt stock is about 52 trillion kwanzas (about 62.9 billion U.S. dollars), with 14 trillion kwanzas being domestic and 38 trillion kwanzas external, and the current debt-to-GDP ratio in Angola is 85 percent, according to Angola Press Agency, the official news agency of Angola.

He said that the current debt-to-GDP ratio is “significantly higher” than last year’s, but he expressed confidence that with the 2024 budget plan currently undergoing parliamentary approval, Angola can “close the year with a debt-to-GDP ratio of around 69 percent” in 2024.

Data show that the public debt-to-GDP ratio in Angola decreased from 134 percent in 2020 to less than 60 percent in 2022.

Source: CGTN