REG - Angola(Republic of) - Publication of Suppl.Prospcts
07/10/2025 10:30
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RNS Number : 3669C Angola (The Republic of) 07 October 2025
SUPPLEMENT NUMBER 1 DATED 7 OCTOBER 2025
TO THE BASE OFFERING CIRCULAR DATED 20 DECEMBER 2024
THE REPUBLIC OF ANGOLA
Global Medium Term Note Programme
This base offering circular supplement (the "Supplement") is supplemental to,
forms part of, and must be read and prepared by the Republic of Angola (the
"Issuer", the "Republic" or "Angola") in connection with its Global Medium
Term Note Programme (the "Programme") for the issuance of notes thereunder
(the "Notes").
Terms given a defined meaning in the Base Offering Circular shall, unless the
context otherwise requires, have the same meaning when used in this
Supplement.
Application may be made to the United Kingdom Financial Conduct Authority (the
"FCA") for Notes issued under the Programme to be admitted to the official
list of the UK Listing Authority (the "Official List") and to the London Stock
Exchange plc (the "London Stock Exchange") for such Notes to be admitted to
trading on the London Stock Exchange's main market. For the purposes of any
such application, the Issuer is an exempt issuer pursuant to Article 1(2) of
Regulation (EU) 2017/1129 as it forms part of United Kingdom ("UK") domestic
law by virtue of the European Union (Withdrawal) Act 2018 (the "EUWA") (as
amended, the "UK Prospectus Regulation"). Accordingly, this Supplement has not
been reviewed or approved by the FCA and, together with the Base Offering
Circular, has not been approved as a base prospectus by any other competent
authority under the UK Prospectus Regulation. Notes admitted to the Official
List and admitted to trading on the London Stock Exchange's main market will
not be subject to the prospectus requirements of the UK Prospectus Regulation
but will be issued in accordance with the listing rules of the London Stock
Exchange.
References in this Supplement to Notes being listed (and all related
references) shall mean that such Notes have been admitted to trading on the
London Stock Exchange's main market and have been admitted to the Official
List. The London Stock Exchange's main market is a UK regulated market for
the purposes of Regulation (EU) No. 600/2014 on markets in financial
instruments as it forms part of UK domestic law by virtue of the EUWA.
The purpose of this Supplement is to update the information in the Base
Offering Circular to disclose certain material developments in respect of the
Issuer.
IMPORTANT NOTICES
The Issuer accepts responsibility for the information contained in this
Supplement. To the best of the knowledge of the Issuer, the information
contained in this Supplement is in accordance with the facts and the
Supplement makes no omission likely to affect the import of such information.
None of the Arranger or any of the Dealers has independently verified the
information contained or incorporated by reference herein. Accordingly, no
representation, warranty or undertaking, express or implied, is made and no
responsibility or liability (whether arising in tort or contract or otherwise)
is accepted by the Arranger or any of the Dealers, or any director, officer,
employee, agent or affiliate (as defined in Rule 405 of the Securities Act (as
defined below)) of any such person, as to the accuracy or completeness of the
information contained or incorporated by reference in this Supplement or any
other information provided by the Issuer in connection with the Programme.
To the fullest extent permitted by law, none of the Arranger or any of the
Dealers accepts any responsibility for the contents of this Supplement or for
any other statement, made or purported to be made by the Arranger or any of
the Dealers or on their behalf in connection with the Issuer or the issue and
offering of the Notes. Each of the Arranger and the Dealers accordingly
disclaims all and any liability whether arising in tort or contract or
otherwise (save as referred to above) which it might otherwise have in respect
of this Supplement or any such statement.
Save as disclosed in this Supplement, no significant new factor, material
mistake or material inaccuracy relating to the information included in the
Base Offering Circular which is capable of affecting the assessment of the
Notes issued under the Programme has arisen or been noted, as the case may be,
since the publication of the Base Offering Circular.
To the extent that there is any inconsistency between: (a) any statement in
this Supplement; and (b) any other statement in the Base Offering Circular,
the statements in (a) above will prevail.
This Supplement does not constitute an offer of, or an invitation by or on
behalf of the Issuer, the Arranger or the Dealers to subscribe for, or
purchase, any Notes.
The Notes have not been and will not be registered under the U.S. Securities
Act of 1933, as amended (the "Securities Act") or the securities laws of any
state or other jurisdiction of the United States and may not be offered or
sold in the United States except pursuant to an exemption from, or a
transaction not subject to, the registration requirements of the Securities
Act and such offer or sale is made in accordance with all applicable
securities laws of any state or other jurisdiction of the United States. The
Notes are being offered and sold outside the United States in offshore
transactions in reliance on Regulation S under the Securities Act and within
the United States only to persons who are "qualified institutional buyers" in
reliance on Rule 144A under the Securities Act.
AMENDMENTS OR ADDITIONS TO THE BASE OFFERING CIRCULAR
With effect from the date of this Supplement, the information appearing in the
Base Offering Circular shall be amended and/or supplemented in the manner
described below. To the extent the information in this section is inconsistent
with the information contained in the Base Offering Circular, the information
in this section supersedes and replaces such information.
AMENDMENT TO THE RISK FACTORS
The following entirely replaces the risk factor entitled "The Republic has
significantly increased borrowings in recent years, and high levels of debt or
failure to adequately manage its debt or to re-finance its debt could have a
material adverse effect on Angola's economy and its ability to repay its debt,
including the Notes." within the section entitled "RISK FACTORS - FACTORS
WHICH ARE MATERIAL FOR THE PURPOSE OF ASSESSING RISKS ASSOCIATED WITH ANGOLA -
Risks relating to Angola's financial condition from internal events, exposures
or factors" commencing on page 20 of the Base Offering Circular:
"The Republic has significantly increased borrowings in recent years, and high
levels of debt or failure to adequately manage its debt or to re-finance its
debt could have a material adverse effect on Angola's economy and its ability
to repay its debt, including the Notes.
The Government has estimated that it needs to raise U.S.$14.9 billion (16.3
per cent. of budgeted GDP) in 2025 from revenues, borrowings, and other
sources to fund its expenditure, including its debt service obligations in
2025. Of this amount, U.S.$6.5 billion is budgeted to come from revenues and
U.S.$6.0 billion is expected to come from debt financings. In 2024, Angola
raised approximately U.S.$18.4 billion of debt, of which approximately
U.S.$7.7 billion was raised in the domestic market and approximately U.S.$7.2
billion was raised from the external sector. Angola's total debt (excluding
Sonangol debt) outstanding as at the end of 2024 was U.S.$59.6 billion
(U.S.$13.9 billion of domestic debt and U.S.$45.7 billion of external debt),
which accounted for 53.1 per cent. of 2024 GDP, a decrease from 70.4 per cent.
of GDP in 2023.
The Government expects that debt servicing (interest and principal repayments)
will account for approximately U.S.$12.2 billion in 2025 (U.S.$15.1 billion in
2024), of which approximately 17.2 per cent. (56 per cent. in 2024) would
account for domestic debt and 82.8 per cent. (44 per cent. in 2024) would
account for external debt. Angola's total debt service to total revenues ratio
reached 59.7 per cent. in 2024, compared to 97.5 per cent. in 2023, 56.2 per
cent. in 2022, 67.9 per cent. in 2021, 114.4 per cent. in 2020 and 86.7 per
cent. in 2019, and is expected to reach 158.4 per cent. for the year ending 31
December 2025. Furthermore, the average maturity of Angola's public debt
profile was 7.5 years and, as at 31 December 2024, approximately 5.4 per cent.
(or approximately U.S.$3.3 billion) of public debt was due to mature in less
than one year, which if the Government is unable to refinance would result in
a material adverse effect on the Angolan economy and its ability to meet its
obligations under the Notes.
Recent debt reprofiling initiatives lowered Angola's aggregate external debt
servicing obligations in the short-term; however, such arrangements were
limited and time-bound, applying to payments due in respect of certain
external debt obligations between 1 May 2020 and 31 December 2021. For
example, as a result of the escalation of global economic pressures caused by
the Covid-19 pandemic and the global oil supply shock, Angola availed itself
of the G20/Debt Service Sustainability Initiative (the "DSSI") by signing a
Memorandum of Understanding with the Paris Club G20/DSSI Secretariat on 31
August 2020 (the "MOU") and two amendments to the MOU on 7 January 2021 and 27
July 2021. Pursuant to the MOU, the representatives of the Paris Club creditor
countries provided Angola with a time-bound suspension of debt service due
from 1 May 2020 until 31 December 2021. Amounts re-profiled benefit from a
one-year grace period for the amount suspended during this period, followed by
three years of repayments for amounts subject to the 2020 suspension and five
years for amounts subject to the 2021 suspension.
In addition, and following the instructions from the G20/DSSI Secretariat,
Angola negotiated with certain of its other bilateral creditors, being those
sovereign entities that have financing arrangements in place with Angola but
are not part of the G20, in order to obtain equal or better treatment than the
one granted by the terms and conditions of the DSSI. These negotiations
resulted in deferral of principal payments from May 2020 through May 2023.
Furthermore, in May 2024, Angola and the CDB agreed for Angola to prepay debts
scheduled to mature in September 2024. See "Public Debt - External Public Debt
- CDB Facilities". Angola continued - and continues - to make interest
payments on such re-profiled bilateral debt, the principal amounts of which
were not amortised.
Access to the DSSI for the period 1 May 2020 through 31 December 2021,
together with Angola's debt re-profiling with certain other bilateral
creditors, defers in aggregate approximately U.S.$6.4 billion of debt service
payments through the periods indicated. See "Public Debt - External Public
Debt - Composition of Angola's external debt".
The Government's current policy is that capital expenditures be funded by a
combination of its own resources and by external indebtedness, which may lead
to a significant increase in external indebtedness and higher related interest
costs, as the Government seeks to fund significant capital expenditure plans.
Any significant future borrowings beyond sustainable thresholds, including
domestic debt to finance Angola's fiscal deficit, borrowing under credit
agreements entered into with lenders and the issuance of further external debt
in the international capital markets (including any Notes offered issued under
the Programme), could increase Angola's risk of external debt distress,
including risks related to the Notes. The terms and conditions of the Notes
(the "Conditions") do not restrict additional unsecured borrowing by the
Republic.
Over recent years, the Republic's debt profile has been characterised by a
material increase in the ratio of public debt (in Kwanza terms) to GDP,
principally due to lower nominal GDP, additional borrowing to fund fiscal
deficits and depreciation of the Kwanza against the U.S. dollar. The ratio of
public sector debt to GDP and debt service to revenue ratio are expected to
remain high for the medium-term thereby constraining Angola's ability to
absorb significant shocks (in particular, related to a decrease in the price
of oil) or incur borrowings beyond the IMF's EFF programme projections. Should
the Republic incur relatively high levels of debt through continued borrowing
or suffer from decreasing GDP, it may materially and adversely affect Angola's
ability to meet its obligations under the Notes.
As at 31 December 2024, 45.7 per cent. of Angola's total external Government
debt (excluding Sonangol) consisted of oil pre-payment facilities, whereby
debt servicing and repayment of a loan is made from a designated offshore
account into which Angola's receivables from a particular oil sales contract
are deposited. That account further provides credit support in respect of that
particular loan, providing the relevant creditor with a degree of security not
enjoyed by Noteholders. Pursuant to the Medium Term Debt Strategy 2024-2026
(as defined below), Angola has undertaken to restrict financing based on
commodity collaterals, including oil-collateralised medium-term financing. See
"Public Debt - External Public Debt - Composition of Angola's external debt".
Any failure to adequately manage Angola's current and future debt, including
new borrowings beyond sustainable levels, may adversely impact Angola's
economy and its ability to repay its debt, including the Notes and/or to
refinance its debt.
As at 31 December 2024, existing arrears of the Government stood at
approximately U.S.$ 2.84 billion or 2.8% per cent. of GDP. The Government
intends to clear its existing arrears over the medium term, with approximately
U.S.$0.382 billion being cleared in 2025. Furthermore, the Republic has
increased borrowings in recent years, and high levels of debt or failure to
adequately manage or refinance its debt could have a material adverse effect
on Angola's economy and its ability to repay its debt, including the Notes. In
mid-2025, the Government's implementation of fuel subsidy reforms triggered
widespread public protests, disruptions to economic activity and heightened
political tensions. These events underscore the potential social and political
risks associated with fiscal consolidation efforts and illustrate the
challenges the Government may face in implementing further reforms that are
perceived as adversely impacting living standards. The Government has
committed to strengthening public financial management systems via clearing
the existing stock of domestic payments arrears and avoiding their future
recurrence; enforcing budget ceilings and avoiding reallocation of spending
without National Assembly approval; strengthening budget oversight by the
National Assembly and the Audit Court; holding budget officers more personally
accountable for unauthorised expenditure and enhancing transparency by
publishing in-year and annual fiscal reports and improving government finance
statistics. If the Government does not implement any such strategies or they
fail to have the intended effect, new arrears may accumulate."
The fourth paragraph of the risk factor entitled "Failure to adequately
address actual and perceived risks of corruption may adversely affect Angola's
economy." within the section entitled "RISK FACTORS - FACTORS WHICH ARE
MATERIAL FOR THE PURPOSE OF ASSESSING RISKS ASSOCIATED WITH ANGOLA - Risks
relating to Angola's financial condition from internal events, exposures or
factors" commencing on page 20 of the Base Offering Circular, is replaced in
its entirety, as follows:
"In October 2024, Angola announced a high-level political commitment to work
with the Financial Action Task Force (the "FATF") (and the Eastern and
Southern Africa Anti-Money Laundering Group the ("ESAAMLG") to strengthen the
effectiveness of its anti-money laundering/counter-terrorist financing regime
after being placed on the "grey list". It remains to be seen how such measures
will be successfully enacted. A report from the FATF containing
recommendations and findings on progress is due during October 2025. See "The
Republic of Angola - Anti-money laundering, anti-bribery, anti-corruption and
anti-terrorism measures"."
The following entirely replaces the risk factor entitled "Angola's banking
sector faces challenges such as high rates of NPLs, which could have an
adverse impact on the banking sector as a whole and may impact the ability of
Angola to diversify its economy away from oil." within the section entitled
"RISK FACTORS - FACTORS WHICH ARE MATERIAL FOR THE PURPOSE OF ASSESSING RISKS
ASSOCIATED WITH ANGOLA - Risks relating to Angola's financial condition from
internal events, exposures or factors" commencing on page 20 of the Base
Offering Circular:
"Angola's banking sector faces challenges such as high rates of NPLs, which
could have an adverse impact on the banking sector as a whole and may impact
the ability of Angola to diversify its economy away from oil.
There are a total of 23 banks operating in Angola. On 27 November 2024, Access
Bank completed its acquisition of Standard Chartered's shareholding in
subsidiaries across multiple African countries, including Angola. The Angolan
banking sector may continue to consolidate in the future as investment into
Angola grows. (see "External Sector - Foreign Direct Investment").
The health of the banking sector has recently deteriorated driven by slower
economic growth and vulnerabilities in the financial sector persist. In 2017,
two banks Banco de Poupança e Crédito ("BPC"), which is the largest public
bank, and Banco Angolano de Negócios e Comércio ("BANC") were
undercapitalised and needed to meet prudential requirements. NPLs, as a
percentage of total gross loans across the banking sector have decreased from
19.5 per cent. as at 31 December 2021 to 18.6 per cent. as at 30 June 2025.
Such issues with the banking sector have, and may continue to, materially and
adversely affect the liquidity, business activity and financial conditions of
banking customers, which, in turn, may hinder business activity generally and
Angola's attempts to diversify its economy.
Failure by the BNA to properly supervise Angolan banks, by such banks to
control their levels of NPLs and comply with prudential standards, or by the
Government and the BNA to mitigate the adverse impact of the loss of U.S.
dollar CBR status, could result in a material adverse effect on Angola's
banking sector, which, in turn, could impact the ability of Angola to
diversify its economy away from oil."
The following entirely replaces the risk factor entitled "There are risks
related to security in Angola." within the section entitled "RISK FACTORS -
FACTORS WHICH ARE MATERIAL FOR THE PURPOSE OF ASSESSING RISKS ASSOCIATED WITH
ANGOLA - Risks relating to Angola's financial condition from internal events,
exposures or factors" commencing on page 20 of the Base Offering Circular:
"There are risks related to security in Angola.
In spite of the Government's efforts, continued criminal activity, unrest and
political conflicts in the country may lead to lower oil production, deter
foreign direct investment and lead to increased political instability. In July
and August 2025, widespread civil unrest erupted following the Government's
decision to cut fuel subsidies. What began as a strike by minibus taxi drivers
escalated into nationwide protests. These events underscore the potential for
social and political instability, especially in response to economic reforms
or austerity measures. In addition, longstanding tensions persist in the
Province of Cabinda, where the Front for the Liberation of the Province of
Cabinda ("FLEC") continues its campaign for independence. Although the
Government does not consider FLEC a serious threat to Angola's territorial
integrity, the group has been involved in armed skirmishes and internal
factional conflict, particularly since the death of its leader Nzita Tiago in
2016. While peace negotiations intensified in 2021, any breakdown in dialogue,
resurgence in separatist activity, or emergence of new groups could further
destabilise the region. Such conflicts, a breakdown in peace negotiations, an
increase in the activity of FLEC (or other separatist groups), could have a
material adverse effect on Angola's economy and, therefore, on Angola's
ability to meet its debt obligations, including those under the Notes."
The following entirely replaces the risk factor entitled "Further depreciation
in the value of the Kwanza could have a material adverse effect on Angola's
economy." within the section entitled "RISK FACTORS - FACTORS WHICH ARE
MATERIAL FOR THE PURPOSE OF ASSESSING RISKS ASSOCIATED WITH ANGOLA - Risks
relating to Angola's financial condition from internal events, exposures or
factors" commencing on page 20 of the Base Offering Circular:
"Further depreciation in the value of the Kwanza could have a material adverse
effect on Angola's economy.
The Kwanza's average exchange rate against the U.S. dollar has historically,
and more recently on account of the impact of the Covid-19 pandemic and
foreign exchange liberalisation policies, experienced significant
depreciation.
For example, the Kwanza's average exchange rate against the U.S. dollar
depreciated by 64.5 per cent. between December 2021 and December 2024. Despite
a recovery from year-end 2020 through September 2022, where the Kwanza
remained largely stable in nominal terms through and strengthened against the
U.S. dollar by 51.7 per cent., depreciation against the U.S. dollar increased
to 10.2 per cent. over 2024. This was the result of a significant reduction in
U.S. dollars in the exchange market and the irregular sales of foreign
currencies by the treasury throughout the year, following unexpected
reductions in oil production over the same periods. As at 30 September 2025,
the Kwanza's exchange rate against the U.S. dollar was AOA 911.98 to U.S.$1.0.
See "Exchange Rate History and Controls".
Despite the recent stabilisation of the Kwanza in 2024, its significant
depreciation history, and any further depreciation in the future, could have a
material adverse effect on Angola's rate of inflation as a result of higher
import prices and rising demand for exports and inflate the cost of servicing
Angola's existing U.S. dollar denominated debt and Angola's existing debt
indexed to the U.S. dollar. Moreover, the significant declines in oil prices
in recent years, as well as local oil production pressures adversely impacted
the value of the Kwanza and may do so again in the future.
The Government and the BNA have targeted foreign exchange liberalisation
policies as part of its economic reform agenda. However, the BNA still
maintains certain restrictions which limit the effective participation of
banks in the foreign exchange auctions. For example, by limiting the amounts
that can be bid, the discretionary elimination of bids deemed by the BNA to be
speculative, and the requirement for banks to return unsold foreign exchange
to the BNA. Such restrictions may hinder the development of an interbank
foreign exchange market and prevent the development of effective market-based
price information development. Further depreciation may occur in the near
future as the official and parallel rates move towards convergence.
As of 30 June 2025, Angola had U.S.$16.7 billion outstanding under its
domestic debt, compared to U.S.$13.9 billion as of 31 December 2024, U.S.$16.9
billion as of 31 December 2023, U.S.$19.9 billion as of 31 December 2022 and
U.S.$19.4 billion as of 31 December 2021. All of Angola's outstanding domestic
debt indexed to the U.S. dollar remains exposed to any further devaluation of
the Kwanza in relation to the U.S. dollar. See "- High inflation could have a
material adverse effect on Angola's economy" and "-The Republic has
significantly increased borrowings in recent years, and high levels of debt or
failure to adequately manage its debt or to re-finance its debt could have a
material adverse effect on Angola's economy and its ability to repay its debt,
including the Notes".
Any of the aforementioned risks could have a negative effect on the Angolan
economy, and on Angola's ability to meet its debt obligations, including those
under the Notes."
The following entirely replaces the risk factor entitled "High inflation could
have a material adverse effect on Angola's economy." within the section
entitled "RISK FACTORS - FACTORS WHICH ARE MATERIAL FOR THE PURPOSE OF
ASSESSING RISKS ASSOCIATED WITH ANGOLA - Risks relating to Angola's financial
condition from internal events, exposures or factors" commencing on page 20 of
the Base Offering Circular:
"High inflation could have a material adverse effect on Angola's economy.
Angola has experienced persistently high inflation in recent years, with the
rate fluctuating from 27.0 per cent at the end of 2021 to 13.9 per cent in
2022, before rising again to 27.5 per cent at the end of 2024. As at 31 August
2025, the year-to-year inflation in Angola stood at 19.7 per cent. These rates
of inflation reflected supply disruptions subsequent to Covid-19 (both
domestic and internationally), the rising interest rate environment globally,
the rise in food prices in international markets, constraints in the
international trade logistics chain and adverse weather conditions. In the
past, Angola has also experienced very high levels of inflation due to
economic instability caused by the Civil War. For example, in 2000, Angola's
inflation rate reached 268 per cent. For more information on historical
inflation rates, see "Monetary System - Inflation".
The 2025 National Budget estimates that Angola's rate of inflation will reach
16.6 per cent. at the end of 2025. Annual inflation in 2024 has increased from
2022, but remained aligned with historical averages in recent years,
reflecting policies of the Government and the BNA's work to tighten monetary
policy. However, any further economic shocks and/or prolonged adverse weather
conditions cause shortages of food (for example) may cause upward inflationary
pressure. Angola's annual rate of inflation for 2025 is expected to be19.8 per
cent., increasing on the budgeted amount for 2025 primarily due to food supply
disruptions and exchange rate pressures.
Although Angola's monetary policies are aimed at containing inflation, there
can be no assurance that the inflation rate will not continue to rise in the
future. Significant inflation could have a material adverse effect on Angola's
economy and Angola's ability to meet its debt obligations, including those
under the Notes."
The following entirely replaces the risk factor entitled "A significant
decline in the level of foreign reserves as a result of the BNA's major role
as a main supplier of foreign currency to domestic residents for imports
purposes could materially impair Angola's ability to service its external
debt, including the Notes." within the section entitled "RISK FACTORS -
FACTORS WHICH ARE MATERIAL FOR THE PURPOSE OF ASSESSING RISKS ASSOCIATED WITH
ANGOLA - Risks relating to Angola's financial condition from internal events,
exposures or factors" commencing on page 20 of the Base Offering Circular:
"A significant decline in the level of foreign reserves as a result of the
BNA's major role as a main supplier of foreign currency to domestic residents
for imports purposes could materially impair Angola's ability to service its
external debt, including the Notes.
Given the fluctuations in Angola's gross foreign reserves, which increased
from U.S.$14.7 billion in December 2023 to U.S.$15.7 billion as of 30 June
2025 but have otherwise decreased from highs of U.S.$32.2 billion in December
2012, its high dependence on oil exports and the fact that Angola pays for its
key imports, such as food and refined petroleum, in U.S. dollars, the Kwanza
will remain vulnerable to external shocks which could lead to a sharp decline
in its value. As of 30 June 2025, gross foreign reserves were U.S.$15.7
billion, equivalent to 8.3 months of import cover. As of 31 August 2025, the
total gross foreign exchange reserves were U.S.$15.9 billion, equivalent to
7.7 months of imports of goods and services. See "The External Sector -
Foreign Reserves".
The BNA monitors the Angolan banking system's current account, with a view to
maintaining minimum reserves totalling six months of imports. Since the drop
in oil prices in 2014, and on account of the economic and monetary pressures
following the Covid-19 pandemic and the subsequent interest rate environment,
Angola has recently experienced a lack of U.S. dollars in circulation due to
falling oil prices, operational issues with oil production, increased debt
payments denominated in U.S. dollars and rising demand for U.S. dollars
domestically. The reduced U.S. dollar liquidity has negatively affected
imports to Angola due to the fact that many imports are paid for in U.S.
dollars. If Angola experiences current account deficits, it may deplete its
foreign exchange reserves, which, in turn, may result in Angola not being able
to meet its debt obligations, including those under the Notes. If the
Government is unable to raise additional debt and diversify its economy to
increase revenue, it may be required to access its foreign reserves to fund
its expenditure. See also "- The Republic has significantly increased
borrowings in recent years, and high levels of debt or failure to adequately
manage its debt or to re-finance its debt could have a material adverse effect
on Angola's economy and its ability to repay its debt, including the Notes".
To the extent that the Government uses BNA deposits (as such deposits are
described under "The External Sector - Foreign Reserves" and "Monetary System"
below) to fund any fiscal deficit and/or to service its debt obligations, its
foreign reserves will decrease accordingly."
AMENDMENT TO THE ECONOMY
The following supplements the section entitled "THE ECONOMY" commencing on
page 141 of the Base Offering Circular:
"Recent Economic Performance
The table below sets forth a summary of Angola's key economic ratios for the
years indicated:
2019 2020 2021 2022 2023 2024
GDP(1) and inflation
Real GDP growth (%), of which:................... (0.2) (4.0) 2.1 4.2 1.3 4.4
Oil and gas sector (%)............................... (7.2) (6.7) (11.5) 5 (2.4) 2.8
non-oil and gas sectors (%)...................... 1.9 (5.2) 5.9 3.9 2.2 4.8
GDP per capita (U.S.$)................................. 3,054 2,114 2,683 4,283 3,354 3,325
Nominal GDP at market price (kwanza bn)... 34,539 38,466 53,278 65,586 78,322 101,911
Nominal GDP at factor cost (kwanza bn), of 34,013
which:..........................................................
37,347 51,880 64,075 76,462 99,558
Oil and gas sector (kwanza bn)................. 9,455 8,131 12,494 13,225 15,746 19,853
Inflation year-end (Angola) (%)................... 16.9 25.1 27.0 13.9 20.0 27.5
M3 growth (%)............................................. 29.9 24.5 (9.3) (1.4) 37.8 5.0
Oil
Production ('000 bbl/d)............................... 1,383.1 1,271.0 1,124.5 1,136.7 1,097.7 411.6
Average oil export price (U.S.$/b)................ 65.2 41.3 70.7 101.8 81.6 79.8
Fiscal account
Revenues (% of GDP).................................. 19 18.3 20.6 20.3 16.5 17.0
of which oil (% of GDP)........................... 11.4 9.4 12.4 11.7 9.9 10.2
Total expenditures (% of GDP).................... 18.2 19.9 17.3 19.5 19.0 18.5
Overall balance, accrual basis (% of GDP)(2).. 0.8 (1.6) 3.4 0.8 (2.5) (1.5)
Overall balance, cash basis (% of GDP)(3)...... 0.0 (0.9) 4.7 0.8 (2.5) (1.5)
Total Government debt (% of GDP)............. 73.2 97.0 76.9 48.1 55.7 53.1
Total Government debt service (% Revenues). 86.7 114.4 67.9 56.2 97.5 59.7
External sector
Exports FOB (% of GDP).............................. 37.7 31.8 39.0 35.3 32.3 31.5
of which oil ((% of GDP)........................... 36.2 29.8 37.0 33.5 30.3 29.7
Imports FOB (% of GDP).............................. 15.3 14.5 13.7 12.2 13.2 12.2
Current account balance (% of GDP)............ 5.6 1.3 9.8 8.3 3.7 5.4
Foreign Exchange rate
Kwanza to U.S.$ (Average).......................... 374.8 584.5 618.6 462.9 685.02 872.7
External debt and foreign reserves
External Government debt (U.S.$bn)........... 45.0 45.9 46.8 48.3 46.8 45.7
External Government debt (% of GDP)........ 48.8 69.8 54.3 34.1 40.9 38.8
External Government debt service (% 23.1 23.2 14.4 14.4 24.6 18.1
Exports).......................................................
Gross international reserves (U.S.$bn)........ 17.2 14.9 15.5 14.7 14.7 15.8
Gross international reserves to months of 9.3 11.8 9.9 6.2 7.1 8.3
imports........................................................
(1 GDP data presented in this table for 2019,
2020, 2021, 2022, 2023, and 2024 is produced by the Ministry of Economy and
Planning.)
(2 Fiscal surplus / (deficit) on an accrual basis
measures the cost of the Government's annual operations and represents the
amount by which the Government's expenses exceed its revenues in a given
fiscal year. The accrual deficit records costs that are known to have occurred
in a particular period (as opposed to recording the resulting cash payments)
and includes assumptions for interest rates, inflation and wage growth, among
other things. The accrual deficit provides information on the longer-term
implications of current Government operations.)
(3 Fiscal surplus / (deficit) on a cash basis
represents the amount by which the Government's cash outlays exceed its cash
receipts in a given fiscal year. The cash deficit closely approximates to the
Government's short-term borrowing needs.)
(Source:) (Ministry of Finance, Ministry of Economy and Planning and National
Bank of Angola (BNA))
Gross Domestic Product
The table below provides information regarding Angola's nominal GDP (factor
cost) by sector for the years indicated unless otherwise stated:
2019 2020 2021 2022 2023 2024
(Kwanza billions)
Oil and gas GDP (factor cost) ........... 9,455 8,131 12,494 13,225 15,746 19,853
Non-oil and gas GDP (factor cost) ... 24,559 29,216 39,386 50,850 60,716 79,706
Total nominal GDP (factor cost) 34,013 37,347 51,880 64,075 76,462 99,558
Primary sector 4,280 5,779 8,824 12,454 16,205 22,491
Agriculture.................................. 3,858 5,262 7,821 11,075 14,473 19,728
Livestock and fishing.................. 422 517 1,003 1,379 1,731 2,763
Secondary sector 14,648 14,203 20,442 23,041 27,668 35,432
Extractive industries, of which.... 8,493 8,207 13,162 13,994 16,733 21,632
Oil and gas.................................. 8,158 7,589 12,494 13,225 15,746 19,853
Diamonds and other extractive industries 335 618 669 769 987 1,779
Manufacturing industries............. 1,880 2,332 3,247 4,305 5,736 7,773
Construction................................ 3,818 3,077 3,282 3,772 3,932 4,333
Energy......................................... 457 587 751 970 1,267 1,694
Tertiary sector 15,086 17,366 22,613 28,579 32,588 41,636
Non-commercial services(2)........... 3,253 3,734 4,501 5,997 6,741 8,209
(1 GDP data presented in this table for 2019, 2020, 2021,
2022, 2023 and 2024 is produced by the Ministry of Economy and Planning.)
(2 Principally compromising financial services and the
insurance sector (see "Monetary System - The Angolan Banking System"), as well
as tourism and food and beverage services.)
(3 Principally compromising private education and private
healthcare services.)
( )
(Source:) (Ministry of Economy and Planning)
The table below provides information regarding Angola's real GDP growth rates
with a breakdown between oil and gas and non-oil and gas sectors for the years
indicated unless otherwise stated:
2019 2020 2021 2022 2023 2024
%
Oil and gas GDP(1)............................................. (7.20) (6.73) (11.45) 5.01 (2.42) 2.84
Non-oil and gas GDP....................................... 1.93 (5.15) 5.88 3.95 2.17 4.82
Real GDP growth............................................. (0.20) (4.04) 2.10 4.22 1.26 4.42
(1) ( GDP data presented in this table for 2019, 2020, 2021, 2022,
2023 and 2024 is produced by the Ministry of Economy and Planning.)
(Source:) (Ministry of Economy and Planning; National Institute of Statistics)
Primary Industry Sectors
Oil Industry
Reserves
The Ministry of Mineral Resources and Petroleum estimates that Angola's proven
oil reserves stood at 1,760 billion barrels, and that Angola's proven and
probable reserves stood at 2,600 billion barrels in 2024. In accordance with
estimates by OPEC (which uses different methodology and sources for reserve
estimation), Angola's proven crude oil reserves as at 30 June 2025 stood at
1.06 million barrels."
AMENDMENT TO THE EXTERNAL SECTOR
The following supplements the section entitled "THE EXTERNAL SECTOR"
commencing on page 198 of the Base Offering Circular:
"Balance of Payments
Angola's balance of payments accounts are compiled and disseminated by the
BNA. The table below sets forth certain information regarding Angola's balance
of payments for the years indicated:
2019 2020 2021 2022 2023 2024
(U.S.$ billions)
Current account................................................ 5.1 0.9 8.4 11.8 4.2 6.3
Trade balance.................................................. 20.6 11.4 21.8 32.8 21.8 22.6
Exports FOB................................................... 34.7 20.9 33.6 50.0 36.9 36.8
of which oil and gas sector.............................. 33.4 19.6 31.8 47.5 34.7 34.6
of which non-oil and gas sector....................... 1.4 1.4 1.7 2.5 2.2 2.2
Imports FOB................................................... (14.1) (9.5) (11.8) (17.3) (15.1) (14.2)
Services (net).................................................. (7.7) (5.5) (7.0) (11.2) (8.5) (8.4)
Income (net).................................................... (7.5) (4.9) (5.8) (8.7) (8.6) (7.6)
Current transfers (net)..................................... (0.2) (0.1) (0.6) (1.1) (0.5) (0.3)
Capital and Financial Account........................ (3.2) (3.4) (6.2) (7.8) (4.0) (6.2)
Capital account................................................ - - - - - (0.1)
Financial account............................................. (3.2) (3.4) (6.2) (7.8) (4.0) (6.1)
FDI (net)......................................................... (1.7) (2.00) (3.3) (6.6) (2.1) (1.1)
Medium and long term capital (net)................. 1.6 (0.9) 1.3 1.2 (5.9) (3.8)
Disbursements................................................ 9.0 5.2 9.5 8.2 3.6 3.6
of which oil companies................................... 1.5 1.5 2.0 2.1 0.0 0.0
Amortisations.................................................. (7.3) (6.0) (8.2) (7.0) (9.5) (7.4)
of which oil companies................................... (1.5) (2.4) (2.2) (2.1) (1.8) (1.3)
Other Capital (net)........................................... (3.1) (0.5) (4.2) (2.4) 4.0 (1.2)
Errors and omissions...................................... (0.9) (0.9) (2.1) (2.9) 0.7 0.8
Overall balance................................................. 1.0 (3.4) 0.1 1.0 0.9 0.9
Financing......................................................... (1.0) 3.4 (0.1) (1.0) (0.9) (0.9)
Variation of reserves....................................... (1.0) 2.8 (0.9) (1.0) (1.1) (0.9)
Arrears............................................................ - 0.3 - - -
-
Rescheduling................................................... - 0.6 0.5 - 0.1 -
Debt forgiveness............................................. - - - - - -
( )
(Source:) (National Bank of Angola (BNA))
Foreign trade
The following table below sets forth an overview of Angola's trade balance for
the years stated:
2019 2020 2021 2022 2023 2024
(U.S.$ billions)
Exports
Crude Oil........................................................... 31.4 18.3 27.9 40.3 31.4 31.4
Refined Oil........................................................ 0.5 0.3 0.4 0.7 0.4 0.6
Gas (including LNG)......................................... 1.5 1.0 3.6 6.5 2.8 2.7
Diamonds.......................................................... 1.2 1.1 1.5 1.9 1.6 1.5
Other................................................................. 0.1 0.3 0.2 0.6 0.6 0.6
Total exports....................................................... 34.7 20.9 33.6 50.0 36.9 36.8
Imports
Current consumption goods............................... 8.0 5.9 7.3 8.6 9.5 8.3
Intermediate consumption goods....................... 1.6 1.3 1.5 1.4 1.9 2.3
Capital goods..................................................... 4.5 2.4 2.9 2.7 3.7 3.6
Total imports.................................................... 14.1 9.5 11.8 12.7 15.1 14.2
(Source:) (National Bank of Angola (BNA))
Exports
The following table sets forth Angola's exports of goods in value terms by
product for the years indicated:
2019 2020 2021 2022 2023 2024
Crude Oil (U.S.$ billions).................................. 31.40 18.30 27.86 40.27 31.42 31.40
Volume (million barrels).................................. 504.80 463.90 394.03 395.70 386.43 393.65
Price (U.S.$).................................................... 65.23 40.99 70.70 101.78 81.31 79.76
Refined Oil (U.S.$ billions)................................ 0.46 0.26 0.36 0.75 0.43 0.55
Volume (in metric tons)................................... 1,030.01 874.91 692.78 1,016.50 751.35 874.68
Price (U.S.$/metric ton).................................... 448.57 292.83 526.32 733.22 572.73 630.96
Gas (including LNG) (U.S.$ billions)................. 1.51 1.03 3.61 6.47 2.82 2.70
Volume (thousand barrels).............................. 50,185.45 46,916.50 39,551.84 39,565.77 42,026.90 42,372.81
Price (U.S.$/barrel).......................................... 30.03 21.99 91.37 163.56 67.11 63.60
Diamonds (U.S.$ billions).................................. 1.21 1.07 1.55 1.95 1.57 1.54
Volume (in thousand carats)........................... 8,534.63 8,535.27 8,716.61 8,745.46 9,974.08 10,220.22
Price (U.S.$/carats).......................................... 142.34 125.31 177.78 222.46 157.59 150.29
Other exports (U.S.$ billions)............................ 0.15 0.28 0.19 0.60 0.64 0.61
Total Exports (U.S.$ billions)............................ 34.73 20.94 33.58 50.04 36.88 36.80
(Source:) (National Bank of Angola (BNA))
The following table sets forth the percentage share of Angola's key export
products in total for the years indicated unless otherwise stated:
2019 2020 2021 2022 2023 2024
(%)
Crude Oil.............................................................. 90.4 87.4 83.0 80.5 85.2 85.3
Refined oil............................................................ 1.3 1.2 1.1 1.5 1.2 1.5
Gas....................................................................... 4.3 4.9 10.8 12.9 7.6 7.3
Diamonds............................................................. 3.5 5.1 4.6 3.9 4.3 4.2
Other exports....................................................... 0.4 1.4 0.6 1.2 1.7 1.7
Total................................................................. 100% 100% 100% 100% 100% 100%
(Source:) (National Bank of Angola (BNA))
Imports
The table below sets forth the source of Angola's imports (including oil) for
the periods indicated, by country:
2019 2020 2021 2022 2023 2024
China 2.0 China 1.5 China 1.7 China 2.7 China 2.3 China 2.1
Portugal 1.9 France 1.3 Portugal 1.4 Portugal 1.9 Portugal 1.6 Portugal 1.3
Singapore 1.8 Portugal 0.6 Brazil 0.7 India 1.7 Korea 1.1 India 1.1
Belgium 0.9 Belgium 0.4 India 0.7 Togo 1.2 Netherlands 1.0 U.A.E. 0.9
Togo 0.7 Korea 0.5 U.S. 0.6 Brazil 1.1 India 0.8 U.S. 0.8
U.S. 0.6 U.S. 0.4 South Africa 0.6 U.K. 0.8 Belgium 0.7 U.K. 0.7
Brazil 0.6 Brazil 0.5 U.K. 0.5 U.S. 0.8 U.A.E 0.7 Korea 0.7
South Africa 0.5 South Africa 0.3 France 0.5 Italy 0.7 Brazil 0.7 Togo 0.5
India 0.5 India 0.4 Norway 0.4 Netherlands 0.6 U.K. 0.5 Brazil 0.5
U.K. 0.5 U.K. 0.3 Italy 0.4 Belgium 0.6 U.A.E 0.5 Netherlands 0.5
Others 4.1 Others 3.3 Others 4.2 Others 5.2 Others 4.9 Others 5.0
Total 14.1 Total 9.5 Total 11.8 Total 17.3 Total 15.1 Total 14.2
(Source:) (National Bank of Angola (BNA))
Foreign Reserves
The table below sets forth certain information regarding Angola's gross
accumulated foreign exchange reserves as at the dates and for the years
indicated and as at 31 August 2025:
31 December 31 August
2019 2020 2021 2022 2023 2024 2025
Total gross Foreign Exchange Reserves (U.S.$ billions) 17.2 14.9 15.5 14.7 14.7 15.8 15.9
Gross Foreign Exchange Reserves months of import cover 9.3 11.8 9.9 6.2 7.08 8.34 7.7
(Source:) (National Bank of Angola (BNA))
The table below sets forth certain information regarding the components of
Angola's gross and net foreign exchange reserves as at the dates and for the
years indicated:
31 December
2019 2020 2021 2022 2023 2024
(U.S.$ billions)
Monetary gold........................................ 0.9 1.1 1.1 1.1 1.2 1.6
SDR holdings.......................................... 0.3 0.3 1.2 1.0 0.8 0.5
Foreign exchange.................................... 0.0 0.0 0.1 0.1 0.1 0.1
BNA deposits......................................... 7.7 5.9 7.3 5.8 5.5 6.7
Securities................................................ 7.6 6.8 5.2 6.0 6.5 6.2
Reserve position in the IMF.................... 0.2 0.2 0.2 0.2 0.2 0.1
Shares and other equity.......................... 0.5 0.5 0.5 0.5 0.6 0.6
Total gross reserves assets..................... 17.2 14.9 15.5 14.7 14.7 15.8
Liabilities related to reserves................. 5.5 6.1 - - - -
Total net reserve assets.......................... 11.7 8.8 15.5 14.7 14.7 15.8
(Source:) (National Bank of Angola (BNA))"
AMENDMENT TO PUBLIC FINANCE
The following supplements the section entitled "Public Finance" commencing on
page 208 of the Base Offering Circular:
"Fiscal Performance
The following tables set forth the revenue, expenditure and fiscal balance of
the Government for the six fiscal years indicated (in Kwanza and U.S.
dollars), and for the six months ended 30 June 2025:
2019 2020 2021 2022 2023 2024 30 June 2025
(Kwanza billions)
Revenue............................................................ 6,547 7,054 10,995 13,336 12,925 17,351 8,779
Current 6,545 7,049 10,973 13,333 12,917 17,349 8,778
revenue
Tax revenue......................................................... 6,075 6,605 10,324 12,212 12,324 16,527 8,087
Oil........................................................................ 3,952 3,612 6,615 7,706 7,741 10,430 4,993
Non-oil................................................................. 2,122 2,993 3,708 4,506 4,583 6,096 3,094
Social security contributions.................................... 311 320 350 409 549 683 406
Grants...................................................................... 3 4 0 0 0 2 0
Other revenue.......................................................... 156 120 299 712 44 137 286
Capital revenue 3 5 22 3 8 2 1
Expenditures..................................................... 6,287 7,674 9,207 12,800 14,891 18,870 10,762
Current expenditures............................................... 5,160 5,902 6,727 9,326 11,843 15,232 8,012
Personnel............................................................. 1,999 2,067 2,095 2,360 2,722 3,191 1,940
Goods and services.............................................. 844 965 1,646 2,054 1,816 3,266 1,814
Interest payments due.......................................... 1,744 2,278 2,444 2,277 4,088 4,950 2,486
Of which: External............................................. 947 1,268 1,242 1,126 2,546 3,234 1,698
Domestic........................................................... 797 1,010 1,203 1,151 1,543 1,717 789
Transfers................................................................. 572 591 542 2,635 3,216 3,825 1,772
Of which: subsidies.............................................. 79 48 62 2,071 2,367 2,713 1,166
Capital expenditures................................................ 1,127 1,772 2,480 3,473 3,048 3,638 2,750
Overall balance (accrual basis)(1)...................... 260 (619) 1,788 536 (1,966) (1,519) (1,983)
Change in arrears (net).................................... (257) 282 719 0 0 0 0
Domestic................................................................. 141 (149) 212 0 0 0 0
External interest............................................. (397) 432 507 0 0 0 0
Overall balance (cash basis)(2)........................... 4 (337) 2,507 536 (1,966) (1,519) (1,983)
Financing.......................................................... 942 1,143 (628) 2,121 4,025 9,876 6,145
Domestic financing (net).......................................... 176 836 (640) 2,265 4,499 11,819 6,574
Bank........................................................................ 526 1,171 (549) (26) (437.74) 35 (217)
Non-bank................................................................ (350) (335) (92) 2,291 4,937 11,784 6,792
External financing (net)........................................... 766 307 13 (144) (474) (1,943) (429)
Assets.................................................................. 0 0 (972) (150) (522) 0 (283)
Liabilities............................................................. 766 307 985 736 5,021 11,819 6,859
Foreign loans (net)............................................ 766 307 985 736 5,021 11,819 6,859
Disbursements............................................... 2,829 1,937 2,831 2,899 3,021 4,114 1,592
Amortisation.................................................. (2,063) (1,630) (1,847) 2,162 (3,803) (5,288) (1,941)
Memorandum items:
Inflation (year-to-year) (%)..................................... 16.9 25.1 27.0 13.9 20.0 28.2 25.2
Average exchange rate (AOA/U.S.$)......................... 374.8 584.5 625.0 459.8 690.1 869.3 912.0
Oil production (million barrels)............................... 504.8 463.9 415.1 401.0 387.9 411.6 186.0
Average oil export price (U.S.$/barrel).................... 65.2 41.3 70.8 101.2 81.3 79.8 71.4
Nominal GDP (AOA billion).................................... 30,625 33,041 44,536 52,184 61,919 101,280 27,774
( )
(1 Overall balance on an accrual basis measures
the cost of the government's annual operations and represents the amount by
which the government's expenses exceed its revenues in a given fiscal year.
The accrual deficit records costs that are known to have occurred in a
particular period (as opposed to recording the resulting cash payments) and
includes assumptions for interest rates, inflation and wage growth, among
other things. The accrual deficit provides information on the longer-term
implications of current government operations.)
(2 Overall balance on a cash basis represents
the amount by which the government's cash outlays exceed its cash receipts in
a given fiscal year. The cash deficit closely approximates to the government's
short-term borrowing needs.)
(Source:) (Ministry of Finance)
(
)
2019 2020 2021 2022 2023 2024 30 June 2025
U.S.$ Billions
Revenue............................................................ 17.5 12.1 17.8 28.8 18.9 25.3 10.1
Current revenue....................................................... 17.5 12.1 17.7 28.8 18.9 25.3 10.1
Tax revenue......................................................... 16.2 11.3 16.7 26.4 18.0 24.1 9.3
Oil..................................................................... 10.5 6.2 10.7 16.6 11.3 15.2 5.7
Non-oil.............................................................. 5.7 5.1 6.0 9.7 6.7 8.9 3.5
Social security contributions................................ 0.8 0.5 0.6 0.9 0.8 1.0 0.5
Grants.................................................................. 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other revenue....................................................... 0.4 0.2 0.5 1.5 0.1 0.2 0.3
Capital revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Expenditures..................................................... 16.8 13.1 14.9 27.7 21.7 27.5 12.3
Current expenditures............................................... 13.8 10.1 10.9 20.1 17.3 22.2 9.2
Personnel............................................................. 5.3 3.5 3.4 5.1 4.0 4.7 2.2
Goods and services.............................................. 2.3 1.7 2.7 4.4 2.7 4.8 2.1
Interest payments due.......................................... 4.7 3.9 4.0 4.9 6.0 7.2 2.8
Of which: External............................................. 2.5 2.2 2.0 2.4 3.7 4.7 1.9
Domestic........................................................... 2.1 1.7 1.9 2.5 2.3 2.5 0.9
Transfers................................................................. 1.5 1.0 0.9 5.7 4.7 5.6 2.0
Of which: subsidies.............................................. 0.2 0.1 0.1 4.5 3.5 4.0 1.3
Capital expenditures................................................ 3.0 3.0 4.0 7.5 4.4 5.3 3.2
Overall balance (accrual basis)(1)...................... 0.7 (1.1) 2.9 1.2 (2.9) (2.2) (2.3)
Change in arrears (net).................................... (0.7) 0.5 1.2 0.0 0.0 0.0 0.0
Domestic 0.4 (0.3) 0.3 0.0 0.0 0.0 0.0
External interest....................................................... (1.1) 0.7 0.8 0.0 0.0 0.0 0.0
Overall balance (cash basis)(2)........................... 0.0 (0.6) 4.1 1.2 (2.9) (2.2) (2.3)
Financing.......................................................... 2.5 2.0 (1.0) 4.6 5.9 14.4 7.0
Domestic financing (net).......................................... 0.5 1.4 (1.0) 4.9 6.6 17.3 7.5
Bank..................................................................... 1.4 2.0 (0.9) (0.1) (0.6) 0.1 (0.2)
Non-bank............................................................. (0.9) (0.6) (0.1) 4.9 7.2 17.2 7.8
External financing (net)........................................... 2.0 0.5 0.0 (0.3) (0.7) (2.8) (0.5)
Assets.................................................................. 0.0 0.0 (1.6) (0.3) (0.8) 0.0 (0.3)
Liabilities............................................................. 2.0 0.5 1.6 1.6 7.3 17.3 7.9
Foreign loans (net)............................................ 2.0 0.5 1.6 1.6 7.3 17.3 7.9
Disbursements............................................... 7.5 3.3 4.6 6.3 4.4 6.0 1.8
Amortisation.................................................. (5.5) (2.8) (3.0) (4.7) (5.6) (7.7) (2.2)
(1 Overall Balance on an accrual basis measures
the cost of the government's annual operations and represents the amount by
which the government's expenses exceed its revenues in a given fiscal year.
The accrual deficit records costs that are known to have occurred in a
particular period (as opposed to recording the resulting cash payments) and
includes assumptions for interest rates, inflation and wage growth, among
other things. The accrual deficit provides information on the longer-term
implications of current government operations.)
(2 Overall Balance on a cash basis represents
the amount by which the government's cash outlays exceed its cash receipts in
a given fiscal year. The cash deficit closely approximates to the government's
short-term borrowing needs.)
(Source)(: Ministry of Finance)
The table below sets forth the fiscal-to-GDP ratios (in (%) terms) of the
Government's fiscal operations from 2019 to 2024, and for the six months ended
30 June 2025.
2019 2020 2021 2022 2023 2024 30 June 2025
% of GDP
Revenue............................................................ 19.0 18.3 20.6 20.3 16.5 17.0 13.8
Current revenue....................................................... 18.9 18.3 20.6 20.3 16.5 17.0 13.8
Tax revenue......................................................... 17.6 17.2 19.4 18.6 15.7 16.2 12.7
Oil..................................................................... 11.4 9.4 12.4 11.7 9.9 10.2 7.9
Non-oil.............................................................. 6.1 7.8 7.0 6.9 5.9 6.0 4.9
Social security contributions................................ 0.9 0.8 0.7 0.6 0.7 0.7 0.6
Grants.................................................................. 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other revenue....................................................... 0.5 0.3 0.6 1.1 0.1 0.1 0.4
Capital revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Expenditures..................................................... 18.2 19.9 17.3 19.5 19.0 18.5 17.0
Currents expenditures.............................................. 14.9 15.3 12.6 14.2 15.1 14.9 12.6
Personnel............................................................. 5.8 5.4 3.9 3.6 3.5 3.1 3.1
Goods and services.............................................. 2.4 2.5 3.1 3.1 2.3 3.2 2.9
Interest payments due.......................................... 5.1 5.9 4.6 3.5 5.2 4.9 3.9
Of which: External............................................. 2.7 3.3 2.3 1.7 3.3 3.2 2.7
Domestic........................................................... 2.3 2.6 2.3 1.8 2.0 1.7 1.2
Transfers................................................................. 1.7 1.5 1.0 4.0 4.1 3.8 2.8
Of which: subsidies............................................... 0.2 0.1 0.1 3.2 3.0 2.7 1.8
Capital expenditures................................................ 3.3 4.6 4.7 5.3 3.9 3.6 4.3
Overall balance (accrual basis)(1)...................... 0.8 (1.6) 3.4 0.8 (2.5) (1.5) (3.1)
Change in arrears (net).................................... (0.7) 0.7 1.3 0.0 0.0 0.0 0.0
Domestic(2)................................................................ 0.4 (0.4) 0.4 0.0 0.0 0.0 0.0
External interest(2)..................................................... (1.2) 1.1 1.0 0.0 0.0 0.0 0.0
Overall balance (cash basis)(3)........................... 0.0 (0.9) 4.7 0.8 (2.5) (1.5) (3.1)
Financing.......................................................... 2.7 3.0 (1.2) 3.2 5.1 9.7 9.7
Domestic financing (net).......................................... 0.5 2.2 (1.2) 3.5 5.7 11.6 10.4
Bank..................................................................... 1.5 3.0 (1.0) 0.0 (0.6) 0.0 (0.3)
Non-bank............................................................. (1.0) (0.9) (0.2) 3.5 6.3 11.6 10.7
External financing (net)........................................... 2.2 0.8 0.0 (0.2) (0.6) (1.9) (0.7)
Assets.................................................................. 0.0 0.0 (1.8) (0.2) (0.7) 0.0 (0.4)
Liabilities............................................................. 2.2 0.8 1.8 1.1 6.4 11.6 10.8
Foreign loans (net)............................................... 2.2 0.8 1.8 1.1 6.4 11.6 10.8
Disbursements..................................................... 8.2 5.0 5.3 4.4 3.9 4 2.5
Amortisation........................................................ (6.0) (4.2) (3.5) (3.3) (4.9) (5.2) (3.1)
(1 Overall balance on an accrual basis measures
the cost of the government's annual operations and represents the amount by
which the government's expenses exceed its revenues in a given fiscal year.
The accrual deficit records costs that are known to have occurred in a
particular period (as opposed to recording the resulting cash payments) and
includes assumptions for interest rates, inflation and wage growth, among
other things. The accrual deficit provides information on the longer-term
implications of current government operations.)
(2 Certain change in arrears data is only
prepared on an annual basis.)
(3 Overall balance on a cash basis represents
the amount by which the government's cash outlays exceed its cash receipts in
a given fiscal year. The cash deficit closely approximates to the government's
short-term borrowing needs.)
(Source:) (Ministry of Finance)
2025 National Budget
The 2025 National Budget was approved by the National Assembly on 30 December
2024. The 2025 National Budget has four main priorities: (a) increasing the
income and purchasing power of the population; (b) improving and investing in
food security; (c) prioritising and increasing social spending; and (d)
ensuring more robust public finances through reforms and increased
transparency.
In line with these objectives, the key projections of the 2025 National Budget
include: (a) an estimated GDP growth of 4.1 per cent., driven by an
acceleration in domestic demand and increased public investment; (b) an
expansion in the non-oil GDP of 5.1 per cent and a decline in the oil and gas
GDP by 1.6 per cent.; (c) a projected average inflation rate of 19.3 per
cent.; (d) a projected oil price of U.S.$70 per barrel; and (e) a fiscal
deficit of 1.65 per cent. of GDP."
AMENDMENT TO PUBLIC DEBT
The following supplements the section entitled "PUBLIC DEBT" commencing on
page 231 of the Base Offering Circular:
"The following table sets forth the total Government debt (excluding debt
incurred by Sonangol) as at the dates indicated with a breakdown between
domestic and external debt:
31 December 30 June
2019 2020 2021 2022 2023 2024 2025
(U.S.$ billions)
Domestic...........................................................
General Government debt (central 22.5 17.9 19.4 19.9 16.9 13.9 16.7
Government)....................................................
Of which:
Short-term................................................. 0.5 1.6 0.8 0.9 2.3 2.1 2.9
Medium and long-term.............................. 22.0 16.3 18.6 19.0 14.6 11.7 13.8
External............................................................ 45.0 45.9 46.8 48.3 46.8 45.7 45.3
Of which:
Short-term................................................. 0.1 0.1 0.1 0.1 0.1 1.2 1.0
Medium and long-term.............................. 44.9 45.8 46.7 48.2 46.7 44.5 44.3
Total................................................................. 67.5 63.8 66.2 63.7 66.4 59.6 62.0
(Source:) (Ministry of Finance)
The following table sets forth Angola's total public debt (including debt
incurred by Sonangol, Angola's state-owned oil company, whose indebtedness is
not guaranteed by Angola but which is included in public debt data as a matter
of course) as at the dates indicated with a breakdown between domestic and
external debt:
31 December 30 June
2019 2020 2021 2022 2023 2024 2025
(U.S.$ billions)
Domestic(1)..........................................................
General Government debt (central 22.5 17.9 19.4 19.9 16.9 13.9 16.7
Government)....................................................
Of which:
Short-term................................................. 0.5 1.6 0.8 0.9 2.3 2.1 2.9
Medium and Long term............................. 22.0 16.3 18.6 19.0 14.6 11.7 13.8
External............................................................ 49.9 50.2 51.1 52.5 49.5 47.7 47.4
Of which:
Short-term................................................. 0.1 0.1 0.1 0.1 0.1 1.2 1.0
Medium and long-term.............................. 49.8 50.1 51.0 52.4 49.4 46.5 46.4
Of which: Sonangol(2)............................
TAAG guaranteed debt........................ 5.0 4.3 4.1 4.1 2.6 2.1 2.1
Total................................................................. 0.2 0.2 0.2 0.2 0.1 0.1 0.1
(1 Domestic debt of state-owned
companies is not provided because their debt is accounted for as supply of
goods and services.)
(2 Sonangol's debt as at 31 December
2023 reflects payments of arrears for oil products.)
(Source:) (Ministry of Finance)
The following table sets forth Angola's total public debt (including debt
incurred by Sonangol, Angola's state-owned oil company, which indebtedness is
not guaranteed by Angola but which is included in public debt data as a matter
of course) as a percentage of its GDP as at the dates indicated with a
breakdown between domestic and external debt:
31 December 30 June
2019 2020 2021 2022 2023 2024 2025
% of GDP
Domestic(1)..........................................................
General Government debt (central Government)..... 24.4 27.2 22.6 14.0 14.8 11.9 12.9
Of which:
Short-term......................................................... 0.5 2.4 0.9 0.7 2.0 1.8 2.3
Medium and Long term..................................... 23.9 24.8 21.6 13.4 12.8 10.1 10.6
External............................................................ 54.2 76.3 59.4 37.0 43.3 40.9 36.6
Of which:
Short-term......................................................... 0.1 0.2 0.1 0.1 0.1 1.0 0.8
Medium and long-term...................................... 54.1 76.1 59.3 37.0 43.2 39.9 35.8
Of which:
Sonangol(2)................................................... 5.4 6.5 4.8 2.9 2.3 1.8 1.6
TAAG guaranteed debt............................... 0.2 0.3 0.3 0.1 0.1 0.1 0.1
Total................................................................. 78.6 103.4 81.9 51.1 58.1 52.8 49.5
(1 Domestic debt of state-owned
companies is not provided because their debt is accounted for as supply of
goods and services.)
(2 Sonangol's debt as at 31 December
2024 reflects payments of arrears for oil products.)
(Source:) (Ministry of Finance)
The table below sets forth certain information regarding Angola's public debt
service for the years indicated:
2019 2020 2021 2022 2023 2024 2025 expected
(U.S.$ billions)
Domestic debt service...........................
Principal................................................ 5.0 7.2 5.3 6.5 7.4 5.4 4.7
Interest.................................................. 2.2 1.7 1.9 2.5 1.9 2.2 1.8
Total domestic debt service................... 7.1 9.0 7.2 9.0 9.3 7.6 6.5
External debt service............................
Principal................................................ 7.1 5.0 5.2 7.0 7.1 6.1 6.2
Interest.................................................. 2.7 2.3 2.0 2.6 3.8 3.5 3.2
Total external debt service..................... 9.8 7.3 7.2 9.5 10.9 9.6 9.4
Total debt service................................. 16.9 16.2 14.4 18.5 20.2 17.2 15.9
(Source:) (Ministry of Finance)
The table below sets forth certain information regarding the Government's debt
service for the years indicated:
2019 2020 2021 2022 2023 2024 2025
expected
(U.S.$ billions)
Domestic debt service............................
Principal................................................. 5.0 7.2 5.3 6.5 7.4 5.4 4.7
Interest................................................... 2.2 1.7 1.9 2.5 1.9 2.2 1.8
Total domestic debt service.................... 7.1 9.0 7.2 9.0 9.3 7.6 6.5
External debt service............................
Principal................................................. 5.6 2.8 3.0 4.9 5.6 5.6 6.2
Interest................................................... 2.5 2.0 1.8 2.3 3.4 3.4 3.2
Total external debt service..................... 8.0 4.9 4.8 7.2 9.1 8.9 9.4
Total debt service.................................. 15.1 13.8 12.1 16.2 18.4 16.5 15.9
( )
(Source:) (Ministry of Finance)
The following table sets forth non-governmental indebtedness which has been
guaranteed by Angola for the years indicated but which has not been called on.
These guarantees are both in Kwanza and U.S. dollars. The BNA has not issued
any guarantees. Indebtedness guaranteed by Angola is not included in Angola's
public debt figures unless the guarantee has been called on:
31 December
2019 2020 2021 2022 2023 2024 30 June 2025
(U.S.$ billions)
Angola Cables, S.A. guaranteed debt........ 0.221 0.216 0.216 0.207 0.190 0.182 0.167
Banco de Poupança e Crédito guaranteed 0.120 0.105 0.090 0.075 0.060 0.045 0.038
debt.....................................................
Biocom guaranteed debt........................... 0.070 0.051 0.060 0.137 0.083 0.075 0.075
Sodiam + Adenda 0.110 0.110 0.110 0.110 0.110 0.110 0.110
Taag (Msn 907-578 (TEI), Msn 43252 (TEI)) 0.103 0.095 0.087 0.060 0.055 0.037 0.037
Taag (Msn 40805 (TEG) e Msn 40806 (TEH)) 0.082 0.068 0.056 0.016 0.003 0.000 0.000
Taag (Aeronaves Dash-8) 0.000 0.024 0.078 0.088 0.081 0.066 0.062
Batas Holding 0.001 0.000 0.000 0.000 0.000 0.000 0.000
Carrinho Empreendimento S.A - - - 0.010 0.039 0.037 0.067
Carrinho Empreendimento S.A - - - 0.000 0.006 0.011 0.061
Total guarantees..................................... 0.708 0.670 0.698 0.693 0.582 0.641 0.660
(Source:) (Ministry of Finance)
External Public Debt
The following table sets forth certain information regarding Angola's
outstanding external debt (including debt incurred by Sonangol) as at the
dates indicated:
31 December 30 June
2019 2020 2021 2022 2023 2024 2025
(U.S.$ billions)
Bilateral............................................................ 6.0 5.8 5.5 5.2 4.3 3.3 3.1
Paris Club........................................................ 0.8 0.8 0.8 0.8 0.8 0.4 0.4
Others.............................................................. 5.2 4.9 4.7 4.4 3.6 2.9 2.7
Multilateral...................................................... 4.2 5.6 8.2 8.7 9.2 10.0 10.0
Commercial banks............................................ 27.4 26.0 25.9 25.5 22.8 21.2 21.2
Suppliers........................................................... 4.3 4.8 3.5 4.0 4.0 4.1 3.9
Eurobonds........................................................ 8.0 8.0 8.0 9.1 9.1 9.1 9.1
Total................................................................. 49.9 50.2 51.1 52.5 49.5 47.7 47.4
(Source:) (Ministry of Finance)
The following table sets forth certain information regarding Angola's public
outstanding external debt (excluding debt incurred by Sonangol) as at the
dates indicated:
31 December 30 June
2019 2020 2021 2022 2023 2024 2025
(U.S.$ billions)
Bilateral............................................................ 6.0 5.8 5.5 5.2 4.3 3.3 3.1
Paris Club........................................................ 0.8 0.8 0.8 0.8 0.8 0.4 0.4
Others.............................................................. 5.2 4.9 4.7 4.4 3.6 2.9 2.7
Multilateral...................................................... 4.2 5.6 8.2 8.7 9.2 10.0 10.0
Commercial banks............................................ 22.4 21.7 21.8 21.5 20.2 19.1 19.2
Suppliers (by country of origin)....................... 4.3 4.8 3.5 4.0 4.0 4.1 3.9
Eurobonds........................................................ 8.0 8.0 8.0 9.1 9.1 9.1 9.1
Total................................................................. 45.0 45.9 47.0 48.4 46.9 45.7 45.3
(Source:) (Ministry of Finance)
The table below sets forth information regarding outstanding external
Government debt as at the dates indicated. The table contains references only
to those financing facilities under which amounts were outstanding as at the
relevant dates. As at those dates, Angola was entitled to draw down, but had
not drawn, further funds under those and other facilities.
31 December 30 June
2019 2020 2021 2022 2023 2024 2025
(U.S.$ billions)
Bilateral............................................................................................................... 6.0 5.8 5.5 5.2 4.3 3.4 3.1
China....................................................................... 4.6 4.2 4.2 3.9 3.2 2.5 2.3
Brazil ...................................................................... 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Portugal................................................................... 0.4 0.4 0.4 0.3 0.3 0.3 0.3
Others...................................................................... 1.0 1.2 0.9 0.9 0.9 0.6 0.6
Multilateral......................................................................................................... 4.2 5.6 8.2 8.7 9.2 10.0 10.0
Common Fund for Commodities............................. 0.0 0.0 0.0 0.0 0.0 0.0 0.0
African Development Bank...................................... 1.0 1.1 1.1 1.1 1.0 1.1 1.2
IBRD (World Bank)................................................. 1.1 1.2 2.0 2.8 3.5 4.5 4.4
African Development Fund (AfDB)......................... 0.1 0.1 0.1 0.1 0.1 0.1 0.1
International Fund for Agriculture Development...... 0.0 0.0 0.0 0.1 0.1 0.1 0.1
IMF......................................................................... 1.5 2.6 4.5 4.3 4.1 3.8 3.7
International Development Association (World Bank) 0.5 0.5 0.5 0.4 0.3 0.3 0.3
OPEC FUND 0.0 0.0 0.0 0.0 0.0 0.0 0.0
BEI 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Commercial banks (by 22.4 21.7 21.6 21.3 20.1 19.0 19.1
lender)............................................................................
China Development Bank 14.2 13.6 13.6 12.3 10.2 7.9 7.9
Industrial and Commercial Bank of China 2.6 2.9 3.1 4.0 3.9 3.5 3.3
Standard Chartered Bank 0.4 0.5 0.6 0.7 1.0 2.3 2.3
ING Holding Bank 0.2 0.1 0.4 0.6 0.6 0.5 0.5
JBIC 0.5 0.4 0.4 0.2 0.2 0.1 0.1
Others 4.6 4.1 3.5 3.5 4.2 4.7 5.0
Suppliers (by country of 4.3 4.8 3.5 4.0 4.0 4.1 3.9
origin)..........................................................................
Israel....................................................................... 2.2 2.2 1.7 2.5 2.5 2.7 2.5
Ireland..................................................................... 0.8 1.2 0.6 0.5 0.6 0.7 0.7
USA......................................................................... 0.5 0.0 0.3 0.2 0.1 0.0 0.0
Egypt....................................................................... 0.3 0.3 0.2 0.2 0.1 0.1 0.1
Others...................................................................... 0.6 1.2 0.7 0.6 0.7 0.7 0.7
Eurobonds........................................................................................................... 8.0 8.0 9.1 9.1 9.1 9.1 9.1
Total external Government 45.0 45.9 47.9 48.3 46.8 45.6 45.2
debt........................................................................
(Source:) (Ministry of Finance)
The table below sets forth the percentage accounted for by debt in U.S.
dollars out of Angola's external, domestic and total Government debt as at the
dates indicated:
31 December 30 June
2019 2020 2021 2022 2023 2024
2025
External Government debt in U.S. dollars/total external Government 88% 97% 82% 83% 81% 85% 86%
debt..............................
Domestic debt in U.S. dollars / total domestic 15.7% 18.3% 21.7% 18.2% 18.7% 22.6% 25.5%
debt..............................
Total Government debt in U.S. dollars / total Government debt......... 64.2% 74.7% 64.5% 63.8% 64.1% 70.7% 69.8%
(Source:) (Ministry of Finance)
External debt financings
Set forth below is a description of all of Angola's existing external debt
financing with a facility amount at or above U.S.$500 million or which
otherwise constitutes material external debt financing of Angola:
· Gemcorp Facility
In June 2015, Angola entered into a U.S.$250 million term facility agreement
with Gemcorp Capital LLP as arranger, Commerzbank International S.A. as agent,
and Avenir II B.V. as original lender. The original lender was funded through
the issuance of privately placed notes. The facility is to be used solely for
Angola's general budgetary requirements and is for a term of 30 years on an
unsecured basis, with an option for the lenders to request repayment after
eight years. As of 30 June 2025, no debt was outstanding under this facility.
Under the terms of the facility agreement, the lenders were prohibited, save
in certain specified circumstances, from issuing certain derivative
instruments linked to or related to their interests under the facility
agreement. This prohibition has expired. See "Risk Factors- Other capital
markets instruments based on Angolan sovereign credit exist and others may be
issued in the future."
On 2 September 2016, Angola entered into an up to U.S.$200 million revolving
facility agreement with Gemcorp Capital LLP as arranger and Gemcorp Fund I
Limited as original lender. The original lender was funded through the
issuance of privately-placed notes. The commitment is for U.S.$200 million and
the agreement provides for an option to upsize to a total commitment of
U.S.$600 million from the closing date of the facility until June 2019. This
facility was amended and restated on 12 September 2019, which included an
extension of the Availability Period and Gemcorp Fund I Limited assuming a
Facility Upsize Commitment of U.S.$250.0 million. The facility was due to
expire on 2 September 2024. As at the date of this Base Offering Circular,
Angola is in the process of extending this facility so that it will continue
to 2 September 2030.
The facility is to be used solely for (a) financing the purchase of food,
pharmaceutical and medical devices and basic consumer goods by Angolan
importers from Kingbird Commodities S.A., the commodity trading arm of Gemcorp
Group, which includes Gemcorp Capital LLP, or (b) pursuant to the amendments
being negotiated, feasibility studies and / or any related emergency projects,
initiatives, schemes or programmes with the aim of contributing to the
availability of, ecosystem, manufacturing of, distribution and supply of the
Commodities to the populace of, and within, Angola or fostering the pharma,
food, agricultural or agro-processing ecosystem in Angola. Each loan drawn
under the facility is for a term of six months and on each six-monthly
repayment date, each outstanding loan is repayable in full. Angola may
re-borrow any part of a loan which is repaid, and re-utilise any part of the
facility which is repaid, during the availability period. The availability
period applicable to the facility ended in June 2024 but is in the process of
being extended to 2 March 2030. All amounts outstanding under the facility
have been repaid by the final maturity date, which is 2 September 2024. As
of 30 June 2025, no debt was outstanding under this facility.
On 14 November 2019, Angola entered into an up to U.S.$400 million term
facility agreement with Gemcorp Capital LLP as arranger and Gemcorp Fund I
Limited as original lender. The facility is to be used for the financing of
the construction of civil works and the transmission lines to the Lauca
hydro-electric power plant project in Angola. The availability period
applicable to the facility ended 45 days after the date of the facility
agreement. The facility has a term of seven years from the date of
utilisation. Debt outstanding under this facility with Gemcorp was U.S.$114.3
million as of 30 June 2025.
· CEXIM Facilities
Angola, as borrower, has entered into a series of four master loan facility
agreements (each an "MLFA") with The Export-Import Bank of China ("CEXIM").
Each facility is an Oil Pre-payment Facility, and is structured as a framework
agreement under which individual loan agreements ("ILAs") are entered into.
Under all four MLFAs, Angola and CEXIM have entered into a total of four ILAs:
On 2 March 2004, Angola entered into a MLFA with CEXIM as lender for up to
U.S.$2.0 billion. The facility is split between a U.S.$1.0 billion phase I
facility and a U.S.$1.0 billion phase II facility. Availability of the phase
II facility was subject to confirmation by the lender on or prior to the date
falling five years after satisfaction of the conditions precedent to the MLFA
and was made available by CEXIM during that period. The MLFA is a framework
agreement under which Angola and CEXIM may conclude ILAs for the purpose of
financing up to 90 per cent. of the contract price owing to certain
contractors in respect of certain contracts. The MLFA was fully drawn as of 31
December 2017.
On 19 July 2007, Angola entered into a second MLFA with CEXIM as lender for up
to U.S.$500.0 million. This MLFA is a framework agreement under which Angola
and CEXIM may conclude ILAs for the purpose of financing up to 90 per cent. of
the contract price owing to certain contractors in respect of certain
contracts. As of 31 December 2017, the MLFA had been fully drawn and the
availability period for further drawdowns has since expired.
On 28 September 2007, Angola entered into a third MLFA with CEXIM as lender
for up to U.S.$2.0 billion. The facility is split between a U.S.$1.0 billion
phase I facility and a U.S.$1.0 billion phase II facility, under which Angola
and CEXIM may conclude ILAs for the purpose of financing up to 90 per cent. of
the contract price owing to certain contractors in respect of certain
contracts. As of 31 December 2017, this MLFA had been fully drawn and the
availability period for further drawdowns has since expired.
On 18 November 2009, Angola entered into a fourth MLFA with CEXIM as lender
which was amended on 8 June 2011 to provide that the amount available under
the MLFA is a function of the number of barrels of oil per day sold by
Sonangol to Chinese importers designated by CEXIM. The amount available under
this MLFA increases from a minimum of U.S.$3.0 billion to a maximum of
U.S.$6.0 billion, with increments of U.S.$1.0 billion, depending on the number
of barrels per day sold by Sonangol to CEXIM's designated importers. The MLFA
is a framework agreement under which Angola and CEXIM may conclude ILAs for
the purpose of financing up to 90 per cent. of the contract price owing to
certain contractors in respect of certain contracts and/or in respect of
projects consented to by the lender. As of 30 June 2025, U.S.$451.2 million
was outstanding under this MLFA. The availability of further drawdowns depends
on the matter set forth herein.
In accordance with Angola's 2015 National Budget (see "Public Finance - The
2015 National Budget"), Angola significantly decreased its 2016 capital
expenditure programme, which resulted in a reduction in the number and/or
scale of certain public investment projects in which it had planned to invest
in accordance with its prior budget. Consequently, on 9 June 2015, Angola and
CEXIM entered into amendments in respect of all four above-mentioned MLFAs in
order to realign repayments of drawn amounts under certain ILAs with the
revised schedules of progress and/or completion of certain specified public
investment projects, the timing and/or scale of which was altered when the
revised 2015 National Budget was adopted in March 2015.
On 25 September 2015, Angola entered into a U.S.$509.4 million facility
agreement with CEXIM in order to finance construction of the 'Nzeto Soyo'
road. As of 30 June 2025, U.S.$210.0 million was outstanding under this
facility.
On 29 November 2016, Angola entered into a U.S.$758.7 million facility
agreement with CEXIM. The purpose of the facility is to finance (i) up to 85
per cent. of the contract price owing to Caioporto, S.A., a special purpose
vehicle for the development and construction of the new Port of Caio in
Cabinda, Angola, and (ii) up to 85 per cent. of the premium for the export
credit insurance policy issued by the China Export and Credit Insurance
Corporation. The facility has a tenor of 15 years and Angola is not required
to make any repayments under the facility until the end of the disbursement
period which ends 60 months after the effective date of the facility. The
facility is not secured but is insured by the China Export and Credit
Insurance Corporation. The facility is currently undrawn.
On 17 December 2021, Angola entered into a U.S.$79.7 million facility
agreement with CEXIM in order to finance the second phase of the Government's
Public Security Project.
Angola has entered into the following facilities with CEXIM backed by the
China Export and Credit Insurance Corporation: (i) U.S.$690.2 million for the
construction of the infrastructure of Corumba Street; and (ii) U.S.$760.4
million for the construction of the transport system for Luachimo. As of 30
June 2025, no debt was outstanding under either facility.
· Development Bank of Southern Africa Facility
On 16 December 2013, Angola, as borrower, entered into a term loan facility
agreement with Development Bank of Southern Africa Limited ("DBSA") (as
arranger, agent and original lender) of up to U.S.$1.5 billion. The agent role
has since been transferred to Banco Bilbao Vizcaya Argentaria, S.A. The
purpose of the facility was to finance the rehabilitation of a 535 kilometre
stretch of the National Road EN180 (Dundo - Saurimo - Luena) and a 556
kilometre stretch of the National Road EN225 in Angola. The facility is for a
term of ten years from the date of utilisation. Debt outstanding under this
facility was U.S.$199.6 million as of 30 June 2025.
· CDB Facilities
On 9 December 2015, Angola, as borrower, and China Development Bank
Corporation ("CDB"), as lender, entered into a U.S.$15 billion facility
agreement. The facility is an Oil Pre-payment Facility with repayments being
serviced through receivables from a designated oil contract. The pricing
structure of this facility allows Angola to benefit from an upside in an
increase in the price of oil. The loan is for a term of 12 years and the
availability period expired on 9 December 2017. The loan is for multiple
purposes including financing approved projects in Angola, prepaying certain
facilities between Sonangol and CDB and financing certain of Sonangol's
strategic projects. The facility was drawn in full. In 2016, disbursements
amounting to U.S.$10 billion from China Development Bank were contributed as
capital by the Government to Sonangol.
In March 2024, a delegation led by President João Lourenço visited China.
During this trip, Angola reached an agreement with CDB on the accounting of
the prepayment of debt service, so that prepaid amounts would reduce
subsequent debt service, in addition to only reducing payments at maturity.
The repayment schedule otherwise remains unaltered. In May 2024, Angola and
the CDB agreed for Angola to prepay debts scheduled to mature in September
2024. As a result, funds held in the escrow were reduced and monthly payments
were reduced by between U.S.$150 million and U.S.$200 million.
Debt outstanding under facilities with CDB was U.S.$7.9 billion as of 30 June
2025.
In December 2020, Angola entered into an agreement with CDB in order to
reprofile certain payments under certain of these finance agreements. See
"Risk Factors ‒ Risks relating to Angola's financial condition from internal
events, exposures or factors ‒ The Republic has significantly increased
borrowings in recent years, and high levels of debt or failure to adequately
manage its debt or to re-finance its debt could have a material adverse effect
on Angola's economy and its ability to repay its debt, including the Notes".
· LUMINAR Finance Facilities
On 24 June 2021, Angola and Luminar entered into an unsecured
U.S.$2,284,95,101 term facility agreement in respect of the restructuring and
refinancing of previously existing facilities. After signing this term
facility agreement, LUMINAR shall procure the termination of the oil delivery
agreement between Sonangol and its designated off-taker. As of 30 June 2025,
U.S.$651.7 million was the amount outstanding under this term facility
agreement.
On 24 June 2021, Angola and Luminar entered into a master framework agreement
in relation to credit agreements of up to U.S.$3,152,998,438. The purpose of
these credit agreements will be financing or refinancing infrastructure
projects and related services (including any subcontracting arrangements) in
Angola (including, but not limited, to projects in the energy, natural
resources, education, agriculture and agro processing, water, sanitation,
technology and communication, real estate and healthcare sectors of the
Angolan economy); and financing or refinancing projects forming part of the
public investment programme of Angola. Under this master framework agreement,
Angola has assumed the obligation to utilise funds by no later than 31
December 2021 for an aggregate amount of U.S.$374,420,922.07; by no later than
31 December 2022 for an aggregate amount of U.S.$263,395,494.17; and by no
later than 31 December 2023 for an aggregate amount of U.S.$239,876,109.19.
However, due to budgetary issues, the funds to be utilised by 31 December 2021
were not disbursed by this deadline. Instead, Angola and Luminar agreed
through a side letter that U.S.$877 million would be disbursed in three
tranches in 2021, 2022 and 2023. In January 2022, U.S.$447 million was
disbursed to Angola under this arrangement.
· AfDB Facility
On 28 July 2014, Angola and African Development Bank ("AfDB") entered into a
U.S.$1 billion term loan agreement. The purpose of the facility is to assist
in financing a reform support programme for Angola's power sector and enhance
the transparency of and efficiency in public finance management. The facility
is for a term of 20 years, which includes an initial grace period of five
years during which Angola is not required to repay the principal amount of the
loan. The facility is not secured. As of 30 June 2025, U.S.$633.3 million was
outstanding under the facility.
· Société Générale Facility
On 8 April 2015, Angola entered into a framework agreement with Société
Générale (as agent and original lender) for up to U.S.$500 million subject
to conclusion of individual credit agreements. The loans may be denominated in
U.S. dollars or Euros, depending on the currency of the underlying commercial
supply contract. The term of each loan under an individual credit agreement
concluded under the framework agreement is to be agreed in the relevant
individual credit agreement. The facilities are not secured but will be
supported by insurance policies from the relevant Export Credit Agency in the
jurisdiction of the supplier. The first credit agreements concluded under this
framework were for a total amount of EUR63.0 million. The facilities are for
medical ambulances, motorcycles, inflatable rafts and transport vans. Five
credit agreements have been concluded under this framework totalling EUR405
million. Further details of the credit agreements are as follows:
· Credit 1A and 1B amounting to EUR63.0 million
· Credit 2A and 2B amounting to EUR111.0 million
· Credit 3A and 3B amounting to EUR55.0 million;
· Credit Agreement 4A, 4B and 4C amounting to EUR109.0 million; and
· Credit Agreement 5A and 5B amounting to EUR67 million.
Debt outstanding under this facility was EUR 128.7 million as of 30 June 2025.
On 6 September 2021, Angola entered into a second framework agreement with
Société Generale (as agent and original lender) for up to an uncommitted
amount of EUR500 million subject to conclusion of individual credit
agreements. The loans may be denominated in U.S. dollars or Euros, depending
on the currency of the underlying commercial supply contract. The term of each
loan under an individual credit agreement concluded under the framework
agreement is to be agreed in the relevant individual credit agreement. The
facilities are not secured and can be supported by insurance policies from the
relevant Export Credit Agency in the jurisdiction of the supplier. As of the
date of this Base Offering Circular, no credit agreements have been entered
into under this framework agreement.
· ICBC Facilities
On 9 June 2015, Angola and Industrial and Commercial Bank of China Limited
("ICBC") as arranger, agent and original lender entered into a U.S.$837.5
million facility agreement. The purpose of the facility is to finance up to 85
per cent. of the contract price owed to certain contractors in respect of the
contract for the construction and installation of the Soyo I Combined Cycle
Power Plant. The facility is for a term of up to 15 years, which includes an
initial grace period of five years during which Angola is not required to
repay the principal amount of the loan. The facility is not secured but is
insured by China Export & Credit Insurance Corporation. The availability
period applicable to the facility ended in June 2020.
On 5 December 2016, Angola and ICBC as arranger, agent and original lender and
The Export-Import Bank of China, Bank of China Limited, Beijing Branch, China
Construction Bank Corporation, Beijing Branch, China Minsheng Banking Corp.,
Ltd., and Ping An Bank Co., Ltd., China (Shanghai) Pilot Free Trade Zone
Branch as original lenders entered into a U.S.$4.1billion facility agreement.
The purpose of the facility is to finance up to 85 per cent. of the contract
price owing to certain contractors in respect of the construction contract for
the Caculo Cabaça hydroelectric station, which comprises the temporary river
diversion works, the main construction works and the electromechanical
equipment supply. The facility is for a term of up to 15 years. The facility
is not secured but is insured by the China Export and Credit Insurance
Corporation. The facility is fully disbursed. The availability period
applicable to the facility has been extended to 3 August 2029 pursuant to an
amendment agreement dated 7 April 2025.
On 8 December 2016, Angola and ICBC as arranger, agent and original lender
entered into an up to U.S.$550 million facility agreement. The purpose of the
facility is to finance up to 85 per cent. of (i) the contract price owing to
CITIC Construction (Angola), Co. Limitada, a subsidiary of CITIC Group, a
Chinese state-owned investment company, in respect of the contract for the
design and construction of 10,000 social homes and related infrastructure in
Kilamba New City, and (ii) 85 per cent. of the premium for the export credit
insurance policy issued by the China Export and Credit Insurance Corporation.
The facility is for a term of up to 13 years, and Angola is not required to
make any repayments under the facility until the end of the availability
period which ended in December 2019. The facility is not secured but is
insured by China Export & Credit Insurance Corporation. The facility is
currently undrawn.
Angola has entered into a U.S.$1,281.9 million term loan agreement dated 9 May
2018 with ICBC as arranger, agent and original lender. The purpose of the
facility is to finance up to 85 per cent. of the contract price owing to
certain contractors in respect of the contract for the design, construction
and supply of equipment for the Bom Jesus International Airport. The facility
is expected to be for a term of 15 years, which includes an initial grace
period of 18 months during which Angola is not required to repay the principal
amount of the loan. The facility is not secured but is expected to be insured
by China Export and Credit Insurance Corporation. The facility is currently
undrawn.
In addition to the above financings, Angola and ICBC have entered into
approximately 30 other facility agreements for the funding of various
infrastructure projects in Angola. Debt outstanding under facilities with ICBC
amounted to U.S.$3.3 billion as of 30 June 2025.
On 8 November 2024, Angola was notified of a late payment related to the
principal and accrued interest due on 21 October 2024, under a financing
agreement entered into with ICBC and a syndicate of Chinese and other lenders
for the Caculo Cabaça Hydroelectric Power Station. The overdue amounts were
subsequently paid on 23 October 2024 (principal), and 28 October 2024
(interest). All payments (including the default interest charged by the
lenders) have now been paid, and the lenders have confirmed to Angola that no
further action is required to be taken.
During 2020 and 2021, Angola entered into a number of agreements with ICBC
under which certain ICBC facilities were reprofiled. See "Risk Factors ‒
Risks relating to Angola's financial condition from internal events, exposures
or factors ‒ The Republic has significantly increased borrowings in recent
years, and high levels of debt or failure to adequately manage its debt or to
re-finance its debt could have a material adverse effect on Angola's economy
and its ability to repay its debt, including the Notes".
· Santander Facility
On 17 November 2015, Angola entered into a framework agreement with Banco
Santander, S.A. (as agent and original lender) for up to U.S.$500 million
which may be utilised subject to the conclusion of individual credit
agreements in the forms specified by the framework agreement. The purpose of
the facility is to finance private or public investment projects and any
credit insurance premium payable to the relevant export credit agency. The
individual credit agreements may be denominated in U.S. dollars or Euros,
depending on the currency of the underlying commercial supply contract. If in
Euros, the value in U.S. dollars of the total commitment under any individual
credit agreement will be determined on the EUR/USD spot rate of exchange rate
in the London foreign exchange market on the date of the relevant credit
agreement. The facilities are not secured but will be insured by the relevant
export credit agency in the jurisdiction of the supplier. No individual credit
agreements have been concluded under this facility and the U.S.$500 million
remains available for draw down.
· KfW Facility
On 13 May 2016, Angola entered into a framework agreement with KfW IPEX-Bank
GmbH (as agent and original lender) and KfW for up to U.S.$500 million which
may be utilised subject to the conclusion of individual loan agreements in the
form specified by the framework agreement. The purpose of the individual loans
includes the financing of export contracts. The loans may be denominated in
U.S. dollars or Euros, depending on the currency of the underlying commercial
supply contract, but the framework agreement also allows for loans to be made
in other currencies. The term of each loan is to be agreed in the relevant
individual loan agreement. The facilities are not secured but will be insured
by the relevant export credit agency in the jurisdiction of the supplier.
The first loan agreement under this framework was concluded on 27 December
2016 with KfW IPEX-Bank GmbH, Development Bank of Southern Africa Limited,
Banco Bilbao Vizcaya Argentaria, S.A. and San Sebastian Inversiones, S.A. as
lenders for U.S.$81.7 million. The facility is for the renewal of a runway at
Dundo airport in Angola.
The second loan agreement under this framework was concluded on 30 May 2018
with KfW IPEX-Bank GmbH as lender for EUR13,5 million. The facility is for the
construction of the Angolan embassy in Germany.
On 20 February 2020, Angola entered into a second framework agreement with KfW
IPEX-Bank GmbH (as agent and original lender) and KfW for up to U.S.$1,500
million which may be utilised subject to the conclusion of individual loan
agreements in the form specified by the framework agreement. The purpose of
the individual loans includes the financing of export contracts. The loans may
be denominated in U.S. dollars or Euros, depending on the currency of the
underlying commercial supply contract, but the framework agreement also allows
for loans to be made in other currencies. The term of each loan is to be
agreed in the relevant individual loan agreement. The facilities are not
secured but may be insured by the relevant export credit agency in the
jurisdiction of the supplier. As of the date of this Base Offering Circular,
no individual loan agreements have been entered into under this framework
agreement.
There was no debt outstanding under facilities with KfW as of 30 June 2025.
· GE Facility
On 21 August 2017, Angola, TMF Global Services (UK) Limited as agent and GE
Capital EFS Financing, Inc. as original lender entered into an up to U.S.$1.1
billion term facility agreement. The purpose of the facility is to finance
payments due from AEnergia S.A. to GE Global Parts & Products GmbH, GE
Packaged Power, Inc. and/or any affiliates thereof for equipment and services
to be delivered or rendered under certain supplier contracts and from the
Ministry of Energy and Water of Angola, Empresa Pública de Produção de
Electricidade and Empresa Nacional de Distribuição de Electricidade to
AEnergia S.A. for equipment and services to be delivered or rendered under
certain on-sale contracts. The term of the loan is seven years from 30 August
2017. The facility is not secured and the availability period ended on 16
March 2018.
There was no debt outstanding under the facility with GE Capital EFS
Financing, Inc. as of 30 June 2025.
· Crédit Agricole Corporate and Investment Bank
Angola has entered into a U.S.$500,000,000 framework agreement with Crédit
Agricole Corporate and Investment Bank ("CACIB") dated 25 May 2018. Under this
framework agreement, Angola and CACIB may conclude: (i) ECA Credit Agreements
for the purpose of financing payments to certain contractors in respect of
certain contracts for which an ECA Policy has been issued; (ii) Tied
Commercial Loan Agreements for the purpose of financing payments to certain
contractors in respect of certain contracts which are also being financed by
an ECA Credit Agreement and which may also benefit from a Risk Mitigation
Cover; and (iii) Commercial Loan Agreements for the purpose of financing
payments to certain contractors in respect of certain contracts which are not
financed by an ECA Credit Agreement and which benefit from MIGA Cover or Risk
Mitigation Cover. Currently, no drawdowns have been completed under this
framework agreement.
· World Bank
In July 2015, the World Bank agreed to provide Angola with a U.S.$450 million
loan and in order to assist Angola in its introduction of a fiscal policy that
allows it to continue its efforts to diversify the economy and achieve a
sustainable reduction in poverty. Angola is not required to begin making
repayments of the loan until 1 October 2025, and the final maturity date of
the loan is 1 October 2044.
On 12 April 2019, Angola and the World Bank signed an agreement whereby the
International Bank for Reconstruction and Development agreed to provide Angola
with a U.S.$25 million loan for the support of an Agricultural Productivity
Programme for Southern Africa Project. The project aims to increase the
availability of improved agricultural technologies by supporting technology
generation and dissemination activities associated with agricultural
commodities. The project will support agricultural research and the
development of regional priorities, community farming systems and development
sub-projects which enable scaling up of innovation in this field and the
expansion of seed multiplication capacity in the country. Angola is not
required to make repayments until 15 January 2024 and the final maturity date
is 15 July 2038.
On 23 July 2019, Angola and the World Bank entered into an agreement whereby
the International Bank for Reconstruction and Development agreed to provide
Angola with a U.S.$320.0 million loan to provide temporary income support to
poor households in selected areas in Angola in order to strengthen the
delivery mechanism for providing a permanent social safety net system. This
project would fund and support the development of a unique social registry of
poor and vulnerable household and an information management system for
obtaining and monitoring household income and welfare information as well as
implementing disbursements of social benefits via a cash transfer system. As
of year-end 2021, the Government has registered an estimated 450,000
households out of their year-end 2022 goal of 1.6 million, with an initial
focus on households in more remote areas. This lower-than-expected figure
reflects the difficulties of creating a registry in a large country during the
Covid-19 pandemic. Approximately 100,000 households have received payments
thus far, highlighting challenges related to limited bank and mobile money
penetration. The facility would also support individual selected beneficiaries
to increase their income-generating capacity including, inter alia, by
providing training in financial management skills and numeracy, provision of
block grants, health fairs and programmes for teens and youth as well as
implementation of other human development programmes. Angola is not required
to make repayments until 15 September 2027 and the final maturity date is 15
March 2049.
Angola also has the flexibility to convert the loan or any portion of the loan
(withdrawn or undrawn) from U.S. dollars to an approved currency in accordance
with the International Bank for Reconstruction and Development General
Conditions for Loans dated 12 March 2012.
On 14 May 2021, Angola and the World Bank entered into an agreement whereby
the International Bank for Reconstruction and Development agreed to provide
Angola with a U.S.$700 million loan to assist Angola with a programme of
objectives, policies and actions. This project would fund and support the
improvement of fiscal management and sustainability; the strengthening of the
regulatory and legal framework for banking supervision and resolution; improve
the accountability of the state-owned enterprise sector and the delivery of
public services; enhance the efficiency of the petroleum sector and the
transparency of fuel subsidiaries; implement an effective competition policy
framework and reduce the number of goods subject to price controls; create a
social protection system for the poor; and enable digital financial services
and promote financial inclusion. Angola is not required to make repayments
until 15 August 2024 and the final maturity date is 15 August 2041.
On 13 July 2021, Angola and the World Bank entered into an agreement whereby
the International Bank for Reconstruction and Development agreed to provide
Angola with a U.S.$250 million loan to improve the operational performance of
the electricity sector utilities and increase electricity access in the cities
of Luanda, Benguela, Lubango and Huango. This project would fund the support
for electricity access expansion and improvement of the revenue collection;
electricity service improvement; improvement of Angola's national electricity
company (Prodel) capacity and strengthening sustainable management of
generation plants; and provide project management support and contingency
emergency response. Angola is not required to make repayments until 15 August
2026 and the final maturity date is 15 February 2046.
On 13 July 2021, Angola and the World Bank entered into a second agreement
whereby the International Bank for Reconstruction and Development agreed to
provide Angola with a U.S.$ 250 million loan to empower Angolan youth,
especially girls, and to improve learning quality for all. This project would
fund the improvement to the access to adolescents to health services and
information; equip adolescents with second chance education and life skills;
keep girls in school; and reduce Angola's learning poverty by expanding and
rehabilitating education supply and supporting high quality teaching. Angola
is not required to make repayments until 15 June 2026 and the final maturity
date is 15 December 2040.
As at 30 June 2025, the total outstanding amount owed by the Government to the
World Bank across all its facilities was U.S.$4.45 billion.
· Standard Chartered Bank
On 14 November 2018, Angola entered into an approximately EUR380 million
facility agreement supported by UK Export Finance with lenders including UK
Export Finance as direct lender and Standard Chartered Bank (Taiwan) Ltd,
DekaBank Deutsche Girozentrale and Lloyds Bank plc. The purpose of the
facilities is to finance the contract between the Ministry of Health and ASGC
UK, a UK exporter, for the development, construction and equipping of three
(3) new hospitals - the Mother and Child Hospital and Paediatric Haematology
Institute, both based in Luanda, and the Cabinda General Hospital (including
an emergency services unit) as well as the export credit insurance policy
issued by UK Export Finance. These new hospitals will create more than 500 new
hospital beds and provide much-needed healthcare to heavily populated areas of
Angola, including specialised mother and childcare and a haematology unit. The
haematology unit will provide a range of specialist services including
radiology, intensive care and a paediatric ward. The facility is not secured
but is insured by UK Export Finance.
Debt outstanding under this facility was EUR 280.8 million as of 30 June 2025.
On 11 December 2024, Angola entered into a new U.S.$500,000,000 short-term (12
month) facility with Standard Chartered Bank as mandated lead arranger. The
loan will be used for financing year-end budgetary requirements including
financing eligible infrastructure projects and trade support, as well as the
costs and expenses payable in connection with the facility.
· Bita water production, transmission and distribution facilities
and system
On 23 June 2021, Angola entered into an U.S.$910 million term loan facility
agreement (the "IBRD Facility") with Standard Chartered Bank as facility agent
and Standard Chartered Bank, BNP Paribas, Crédit Agricole Corporate and
Investment Bank as Initial Mandated Lead Arrangers and Société Générale as
Mandated Lead Arranger. The purpose of this facility is to finance the
development by Angola's water public company (Empresa Pública de águas de
Luanda (EPAL)) of the Bita water production, transmission and distribution
facilities and system in order to supply water in currently unserved urbanised
and urbanising areas of South Luanda.
The financing structure for this project also includes a U.S.$167,240,873
facility (the "Bpi Facility"), entered into on 24 June 2021, led by Standard
Chartered Bank, which will be used to finance certain design build contracts
with the support of Bpi France Assurance Export. The facility amount is split
into a Term A facility of U.S.$104,842,391 with a term of 13.25 years and a
Term B facility of U.S.$62,398,482 with a term of 13 years.
The Bita water production project is to be partially guaranteed by the World
Bank (acting through the International Bank for Reconstruction and
Development) and partially insured by the African Trade Insurance Agency. Upon
completion, the Bita project will be one of the largest drinking water
projects in the African continent.
In December 2024, Angola was notified that payments to contractors (Centro
Cerro, Saint Gobain PAM, and Suez) which were to be financed under the Bpi
Facility, were mistakenly financed using funds from the IBRD Facility. This
administrative error has resulted in a technical breach of the financing
agreements. All parties were made aware of the issue, a waiver has been
granted and the parties have entered into amendment documentation to resolve
the issue.
· HSBC
On 6 December 2017, Angola entered into an approximately EUR70 million
facility agreement to finance the upgrade of two power substations in Viana
and Gabela, Angola to be carried out via a supply contract entered into
between IQA Operations Group Ltd., UK as UK Exporter and the Ministry of
Energy and Waters. This facility was led by HSBC and guaranteed by the UKEF.
The upgrade, which includes the reinforcement of the existing power
transformation capacity, construction of new connections and other connection
works, shall take place over the course of two years, significantly reducing
North West Angola's dependence on oil-generated power. Debt outstanding under
this facility was EUR 37.0 million as of 30 June 2025.
· IMF
On 7 December 2018, the IMF approved a three-year Extended Arrangement under
the EFF in place in an amount of SDR 2.673 billion (about U.S.$3.7 billion or
361 per cent. of Angola's quota at the time of the approval) to support
Angola's economic reform programme. The EFF provided by the IMF was intended
to fund Angola's Macroeconomic Stabilisation Programme. In 2020, as part of
the third review of the IMF Programme, the IMF approved additional access
under the EFF of SDR 540 million (approximately U.S.$765 million) to support
the Government's efforts to mitigate the impact of Covid-19 and sustain its
structural reform agenda.
As at the date of this Base Offering Circular, SDR 3.2134 billion
(approximately U.S.$4.5 billion), which is equivalent to the total amount of
the EFF, had been disbursed to Angola under the IMF Programme. Repayments
under the IMF Programme are scheduled to begin in 2025. See also "The Republic
of Angola - Membership of Organisations".
Reforms currently being implemented as part of the IMF Extended Arrangement in
Angola include the following:
o implementing a strategic restructuring and recapitalisation plan for the
second largest state-owned bank without further reliance on public funds;
o complete the verification of all payment arrears accumulated; and
o the passage of the BNA Law, which ensured greater central bank autonomy, a
stronger mandate, and strict limits on monetary financing of the budget.
· JBIC
On 11 January 2019, Angola entered into a general agreement with Japan Bank
for International Cooperation ("JBIC") for up to ¥57.8 billion which may be
utilised subject to the conclusion of contract loan agreements in the form
specified by the general agreement. The purpose of the contract loans includes
the financing of export contracts in connection with the comprehensive
development of the Namibe Port expansion and Sacomar Iron Ore Export Terminal
redevelopment in Angola. The loans may be denominated in U.S. dollars or Yen.
The term of each loan is to be agreed in the relevant contract loan agreement.
The facilities are not secured but a portion of the facilities is insured by
Nippon Export and Investment Insurance. The first two loan agreements under
this general agreement were concluded on 28 March 2019 with JBIC, Sumitomo
Mitsui Banking Corporation and The Hong Kong and Shanghai Banking Corporation
Limited, Tokyo Branch as lenders for a total of ¥28 billion and U.S.$263
million. Debt outstanding under this facility was the equivalent of U.S.$170.0
million as of 30 June 2025.
· ODDO BHF Aktiengesellschaft
On 23 December 2020, Angola entered into an approximately EUR177 million
facility agreement and into an approximately EUR159 million facility agreement
with ODDO BHF Aktiengesellschaft as arranger, agent and original lender. Both
facilities have a term of 9.5 years, after the first repayment date, and both
facilities are supported by Euler Hermes Aktiengesellschaft as an insurance
cover provider. The purpose of the facilities is to finance the contracts
between the Ministry of Health and VAMED Engineering Deutschland GmbH for the
construction and equipping of a general hospital (turnkey) in Cacuaco and for
the construction and equipping of a general hospital (turnkey) in Viana, in
both cases comprising inter alia, the design, construction, equipment,
services and training of staff of the Cacuaco general hospital and of the
Viana general hospital.
Debt outstanding under these facilities was EUR 306.8 million as of 30 June
2025.
· ING Bank N.V.
On 13 April 2020, Angola entered into seven export credit facility agreements
with ING (whose participating interest is to be transferred to Aktiebolaget
Svensk Exportkredit the Swedish Export Credit Corporation, prior to first
utilisation) backed by Exportkreditnämnden (the Swedish Export Credits
Guarantee Board) for an aggregate amount of up to approximately EUR560 million
to be used for the development and construction of seven solar power plants in
the municipalities of Biópio, Benguela, Bailundo, Cuito, Lucapa, Luena and
Saurimo. The agreements with ING reflect Angola's strategy of diversifying
funding sources for public investment projects and expanding bilateral
relationships with international and regional partners. See "The Republic of
Angola - National Development Plan 2018-2022 - Strengthening Angola's
International and Regional Presence".
In relation to the aforementioned projects, Angola also entered into a draw
down payment facility agreement with the DBSA on 13 April 2020 for an amount
of up to EUR79,505,500.44.
Aggregate debt outstanding under the seven export credit facility agreements
with ING was U.S.$572 million as of 30 June 2025. No debt was outstanding
under the draw down payment facility agreement with the DBSA as of 30 June
2025.
· BBVA
On 10 December 2014, Angola entered into an uncommitted framework agreement
with BBVA as lender for up to EUR500 million which may be utilised subject to
the conclusion of individual credit contracts under this framework agreement.
The purpose of the individual credit contracts is to finance export contracts
with Spanish sellers of good and services. The loans may be denominated in
U.S. dollars or Euros. The term of each loan is to be agreed in the relevant
individual loan agreement. The facilities are not secured but can be insured
by the relevant export credit agency in the jurisdiction of the
supplier.
The first individual credit contract under this framework has yet to be
concluded. Under this first individual credit contract, BBVA will act as
lender for an amount of U.S.$13.3 million. The individual credit agreement is
for the purpose of building a hospital in Quimbele. No debt was outstanding
under the individual credit contracts under this framework agreement as of 30
June 2025.
On 20 April 2020, Angola entered into another uncommitted framework agreement
with BBVA as Agent for up to EUR500 million which may be utilised subject to
the conclusion of individual export facility agreements. The purpose of the
individual export facility agreements is to finance export contracts. The
export facility agreements may be denominated in U.S. dollars or Euros,
depending on the currency of the underlying commercial supply contract, but
the framework agreement also allows for loans to be made in other currencies.
The facilities are not secured but can be insured by the relevant export
credit agency in the jurisdiction of the supplier. On 21 April 2021, MOF and
BBVA entered into two individual export facility agreements under this
framework agreement for an amount of approximately EUR47.49 million and
EUR126.4 million and with the purpose of financing the acquisition of air
buses. On 30 April 2025, MOF and BBVA entered into two further individual
credit facility agreements under this framework agreement for an amount of
approximately EUR17 million and EUR 3.6 million with the purpose of financing
the construction and supply of a roll-on - roll-off vessel for the
transportation of containers, general cargo, trucks and trailers. Debt
outstanding under the export facility agreements under this framework
agreement was the equivalent to U.S.$138.9 million as of 30 June 2025.
· Commerzbank
On 22 August 2018, Angola entered into a basic framework loan agreement for
ECA financings for an uncommitted amount of up to EUR500 million with
Commerzbank as agent, mandated lead arranger and original lender which may be
utilised subject to the conclusion of individual loan agreements. The purpose
of the individual loan agreements is to finance export contracts. The
individual loan agreements may be denominated in U.S. dollars or Euros. On 5
October 2018, Angola and Commerzbank, among others, entered into the two
individual loan agreements for an amount of approximately EUR38 million and
EUR55 million. Both individual loan agreements are covered by Hermes
Aktiengesellschaft.
Debt outstanding under the individual loan agreements under this framework
agreement was EUR 55.8 million as of 30 June 2025.
· Deutsche Bank
On 7 November 2003, Angola has entered into an uncommitted framework agreement
with Deutsche Bank, S.A.E (as amended on 5 October 2005, 2 July 2007 and 18
August 2015). The framework agreement may be utilised to establish the terms
and conditions under which sums may be made available to Angola pursuant to an
individual loan agreements ("ILAs"). The purpose of each ILA is to finance
export contracts and each ILA may be for a value in an amount equal to 100 per
cent. of the value of the export contract being financed by the ILA. As of 30
June 2025, there was no debt outstanding under these ILAs.
Following Presidential approval to enter into a framework agreement for an
amount up to EUR1 billion, Deutsche Bank, S.A.E. as Coordinating Mandated Lead
Arranger, Banco de Desenvolvimento de Angola ("BDA") as Borrower and the
Ministry of Finance as Guarantor entered into the Framework Export Credit
Agreement on 8 May 2019. The individual loan agreements under this framework
are principally intended to finance private sector projects in Angola, in line
with Angola's strategy to boost private sector development. Under this
framework, a number of individual loan agreements have been entered into,
including a EUR 57,450,000 12-year lending facility to support food production
in January 2023.
On 25 September 2025, Angola entered into a EUR206 million facility agreement
with Deutsche Bank AG Frankfurt as Mandated Lead Arranger and Original Lender.
The facility is guaranteed by MIGA. The facility is to finance the import of
agricultural goods, healthcare goods and food supply and will be available for
draw until 25 September 2026. The term of each loan will be 364 days and the
final maturity date will be 25 September 2027.
· First Bank of Abu Dhabi
On 24 January 2023, Angola entered into a facility agreement with the First
Abu Dhabi Bank P.J.S.C. as mandated lead arranger, bookrunner, original lender
and agent. The total commitments under the facility are EUR844,645,000 with
the purpose of the facility being to part fund the purchase price under a
commercial contract entered into for the purpose of financing: (i) the
purchase of three BR71 MkII Vessels, six Interceptor Type A, three Interceptor
Type B assets and vessels and six UAV; (ii) ILS Services, spare parts and
technical assistance; and (iii) training services. The loan is not secured but
is guaranteed by the Government of Abu Dhabi. Debt outstanding under this
facility was EUR 259.0 million as of 30 June 2025.
· Kommunalkredit Austria AG
Angola entered into a Euler Hermes backed term loan facility agreement for
EUR1,198,107,239 which was led by Kommunalkredit Austria AG as lead arranger
on 29 November 2022. In connection with this facility, Angola entered a tied
commercial term loan for EUR91,985,043.55 on 7 February 2023 with Standard
Chartered Bank and the African Export-Import Bank as mandated lead arrangers,
Standard Chartered Bank as the bookrunner, structuring bank and green loan
coordinator and the African Export-Import Bank as agent. The facilities are in
place for the purpose of financing multiple phases of the Angolan Rural Solar
Electrification Project, being the development of a complete solution for
sustainable electrification of 60 communities in five provinces in Angola
(Bié, Luanda-Norte, Lunda-Sul, Malanje and Moxico) by means of hybrid
photovoltaic generation systems with lithium-ion batteries storage system (48
communities) and the expansion of the electrical grid with new distribution
grids (12 communities). The availability period under the Euler Hermes-backed
facility and the tied commercial loan are 4 and 3 years respectively from the
date of the agreements. As of 30 June 2025, no debt was outstanding under
these two facilities.
· CATIC
On 21 June 2023, Angola, as borrower, entered into a framework agreement with
China National Aero-Technology Import and Export Corporation ("CATIC"). The
total commitments under the framework agreement are $500 million. The
framework agreement has been entered into to finance the payments required
under commercial contracts for the supply of equipment and technical
assistance services to the Ministry of National Defence and Homeland Veterans
of Angola. Angola will enter into a credit agreement for up to 85 per cent. of
the corresponding commercial contract. As of 30 June 2025, there was no debt
outstanding under the framework.
· Export-Import Bank of the United States ("US EXIM")
Angola has entered into three transactions with ING Capital, Deutsche Bank and
Africa Finance Corporation each with either direct loans from US EXIM or with
US EXIM acting as a guarantor to fund essential infrastructure projects. The
projects include: (i) the development of the Luanda Power Park, consisting of
104 megawatt photovoltaic solar power plant to be constructed near the
community of Catete and the Malanje Power Park consisting of a 400 megawatt
photovoltaic solar power plant; (ii) the FM radio transmission project which
aims to upgrade and expand the analog FM radio transmission capacity of the
Republic of Angola via 45 transmitter and studio sites in various locations
across the country; and (iii) the design, engineering, procurement, and
construction of 186 prefabricated bridges and associated infrastructure in
Angola. The approximate aggregate value of these three transactions with US
EXIM is U.S.$1.5 billion. As of 30 June 2025, no debt was outstanding under
these facilities.
Angola has entered into a facility of US.$1,579,241,042 with Private Export
Funding Corporation, as EXIM Facility Lender, ING Capital LLC, as Facility
Agent and Green Loan Structuring Agent and Export Import Bank of the United
States in relation to the construction of: (i) the mini-grid, consisting of 65
mini-grid photovoltaic (PV) plants and associated distribution lines to
connect to end-users, erection of electric poles and stringing of
approximately 1, 100 km of cables for grid expansion/extension, deployment of
208 solar cabin systems, and (ii) the water supply system involving the boring
of 448 wells for the water supply systems in the four provinces of Namibe,
Huíla, Cunene and Cuando Cubango in the southern part of Angola.
· Standard Bank of South Africa Limited
On 2 October 2024, Angola and The Standard Bank of South Africa Limited
("SBSA") entered into a U.S.$500 million financing transaction. The financing
transaction is a one-year tenor amortising financing documented by way of a
long form confirmation dated 3 October 2024 incorporating by reference the
terms of the ISDA 2002 Master Agreement published by the International Swaps
and Derivatives Association, Inc. Under the financing transaction, Angola
transferred to SBSA USD denominated bonds issued by Angola with a market value
of U.S.$500 million (the "Reference Securities") against an initial payment by
SBSA to Angola of U.S.$500 million. Angola paid an amount representing an
upfront prepaid fixed rate of interest and Angola will make interim repayments
to SBSA on a monthly basis. On the dates falling on the sixth and ninth
anniversary of the effective date of the financing transaction, SBSA will
return 25 per cent. of the face value of the Reference Securities to Angola.
The remaining Reference Securities will be returned to Angola on receipt by
SBSA of the final exchange payment amount.
· Other financings
Since January 2022, Angola has raised approximately U.S.$9 billion of debt to
fund critical and essential infrastructure projects across the country such as
the building of hospitals and airports, the rehabilitation of roads, the
electrification of rural areas, water management including the supply and
distribution of potable water, drought prevention projects, increasing water
security, managing climate extremes, development of the agriculture sector,
the building and development of renewable energy projects including solar,
battery storage and hydropower plants, design.
The debt has been raised predominantly through ECA covered financings with
cover provided for by, amongst others, Euler Hermes, UK Export Finance, SACE
and BPI. The majority of Angola's loans are with international banks such as
Standard Chartered Bank, HSBC Bank and ING Bank.
· TRS
On 16 December 2024, Angola and J.P. Morgan Securities plc ("JPM") entered
into a one-year total return swap transaction (the "Initial TRS") documented
by way of a confirmation (the "Confirmation") and an ISDA 2002 Master
Agreement (and schedule thereto) (the "ISDA Master Agreement" and together
with the Confirmation, the "Initial Agreement"). The Initial Agreement is
subject to English law and resolution of any disputes by international
arbitration.
On 13 January 2025, Angola and JPM entered into an upsize total return swap
transaction with a scheduled termination date of 29 December 2025 (the "Second
TRS" and together with the Initial TRS, the "TRS Transactions") documented by
way of a long form confirmation (the "Long Form Confirmation") which
supplements, forms part of and is subject to an ISDA 2002 Master Agreement
which Angola and JPM are deemed to have entered into on 13 January 2025
pursuant to and in accordance with the Long Form Confirmation (the "Deemed
ISDA Master Agreement" and together with the Long Form Confirmation, the
"Second Agreement"). The Second Agreement is subject to English law and
resolution of any disputes by international arbitration.
Under the TRS Transactions, Angola transferred to JPM a nominal amount of
notes (rated B- (Stable) by Fitch, B- (Stable) by S&P and B3 (Stable) by
Moody's) of U.S.$1,928,000,000 issued by Angola under the Programme (the "TRS
Notes"), which were issued without receipt of any issuance proceeds by Angola,
and in return received from JPM a financing amount of U.S.$1,000,000,000 (the
"Financing Amount"). Ownership of the TRS Notes passed to JPM on a full title
transfer basis and the TRS Transactions provide that JPM has the right to sell
or otherwise dispose of its ownership interest in the TRS Notes.
The Issuer classified the Financing Amount received as external debt, and the
TRS Notes that were issued in exchange for the Financing Amount have been
classified as contingent liabilities until such time that the TRS Transactions
terminate. If upon termination (through an event of default or otherwise), the
Issuer does not receive all of the TRS Notes back and cancel them, then the
principal amount of any TRS Notes that remain outstanding will be reclassified
as debt of the Issuer.
Accordingly, on issue, the TRS Notes were not included in the calculation of
Angola's total external debt. In the event that both the Financing Amount and
the TRS Notes are included in the calculation of total debt, $2,928,000,000 of
debt would be included in Angola's total external debt stock. See "Risk
Factors- The Republic has significantly increased borrowings in recent years,
and high levels of debt or failure to adequately manage its debt or to
re-finance its debt could have a material adverse effect on Angola's economy
and its ability to repay its debt, including the Notes."
Additionally, in certain circumstances, Angola may be required under the terms
of the TRS Transactions to pay down the Financing Amount and/or deliver
additional collateral.
The Initial Agreement and the Initial TRS were approved pursuant to a
Presidential Dispatch dated 9 December 2024. The Second Agreement and the
Second TRS were approved pursuant to a Presidential Dispatch dated 27 December
2024. In the future, Angola may seek to enter into one or more additional
total return swap transactions with diverse counterparties. See "Risk Factors
- Risks related to Notes generally - The Issuer may enter into derivative and
repo financing transactions from time to time, which may impact the value of
the Issuer's existing and future Notes" for further details.
· Other defaults
Angola is a party to an arbitration in relation to a syndicated facility
entered into with certain lenders. The facility was performed in accordance
with its terms until all of the lenders became subject to international
sanctions, the effect of which was that all lenders accepted that Angola was
unable to perform the facility. Recently, a new party has emerged claiming to
have assumed the rights of an original lender. The new party has commenced
arbitral proceedings claiming that an event of default has occurred and that
it is entitled to full repayment of a portion of the loan. Angola denies the
claim and intends to defend the arbitration. There are numerous issues in
dispute including whether the new party (a) has any right to bring its claim;
(b) has (as it asserts) assumed the rights of an original lender; (c) has
complied with the terms of the facility in relation to its purported
acceleration; and (d) is subject to sanctions impacting on the parties ability
to perform the facility. See "Risk Factors - Risks related to Notes generally
- Angola has on occasion been in breach of covenants or default under certain
existing financing agreements and has sought waivers and/or amendments to
remain compliant. If Angola is unable to remain in compliance with its
existing or future financing agreements (including loan agreements and terms
and conditions of bonds) and is unsuccessful in amending the relevant
covenants or obtaining waivers, lenders in such facilities may accelerate
their loans, which could result in a cross acceleration on the Notes." for
further details.
New Facilities
In addition to the above, Angola is currently negotiating a number of new
facilities, some of which are in advanced stages of negotiation and include,
but are not limited to, the following:
· Gemcorp
Angola is currently negotiating a framework agreement arranger by Gemcorp for
up to U.S.$2 billion in connection with the financing or refinancing: (i)
projects to combat drought in Angola; (ii) projects for the construction,
rehabilitation, expansion or improvement of the Angolan water supply system;
(iii) institutional, operational and commercial projects in connection with
the Angolan public water companies; and (iv) operation and maintenance
projects in connection with the public water sector in Angola.
· Other TRS transactions
Angola intends in the future to enter into another total return swap
transaction similar to the TRS Transactions, with another bank and documented
by way of similar documents, but on different commercial terms. Under such
total return swap, Angola will transfer to the bank a nominal amount of
underlying notes and foreign currency denominated securities in return for a
financing amount. Ownership of such underlying notes and securities will pass
to the bank on a full title transfer basis. Additionally, in certain
circumstances, Angola may be required under the terms of the total return swap
to pay down the financing amount and/or deliver additional collateral. Any
future total return swap transaction entered into by Angola will be required
to be approved pursuant to a Presidential Dispatch.
· ICBCS Repo
On 29 September 2025, Angola and ICBC Standard Bank plc ("ICBCS") entered into
(i) a 15 calendar month repurchase transaction, (ii) an 18 calendar month
repurchase transaction, (iii) a 21 calendar month repurchase transaction and
(iv) a 24 calendar month repurchase transaction (the "Repos") documented by
way of four separate confirmations (the "Repo Confirmations") and a Global
Master Repurchase Agreement (2011 version) and an Annex I thereto (the "GMRA"
and together with the Repo Confirmations, the "Repo Agreement"). The Repo
Agreement is subject to English law and resolution of any disputes by
international arbitration.
Under the Repos, following satisfaction of certain conditions precedent,
Angola will transfer to ICBCS a nominal amount of zero coupon notes equal to
approximately U.S.$312,500,000 issued locally by Angola through Bolsa de
Dívida e Valores de Angola (the "Repo Notes"), and in return receive from
ICBCS a financing amount of approximately RMB 891,250,000 (the "Purchase
Price"). Ownership of the Repo Notes will pass to ICBCS on a full title
transfer basis and the Repos provide that ICBCS has the right to sell or
otherwise dispose of its ownership interest in the Repo Notes.
The Issuer intends to classify the Purchase Price received as external debt,
and the Repo Notes that are issued in exchange for the Purchase Price will be
classified as contingent liabilities until such time that the Repos terminate.
If upon termination (through an event of default or otherwise), the Issuer
does not receive all of the Repo Notes back and cancel them, then the
principal amount of any Repo Notes that remain outstanding will be
reclassified as debt of the Issuer.
Accordingly, on issue, the Repo Notes will not be included in the calculation
of Angola's total external debt. In the event that both the Purchase Price and
the Repo Notes are included in the calculation of total debt, approximately
$437,000,000 of debt would be included in Angola's total external debt stock.
See "Risk Factors- The Republic has significantly increased borrowings in
recent years, and high levels of debt or failure to adequately manage its debt
or to re-finance its debt could have a material adverse effect on Angola's
economy and its ability to repay its debt, including the Notes."
Additionally, in certain circumstances, Angola may be required under the terms
of the Repos to pay down the Purchase Price and/or deliver additional
collateral.
The Repo Agreement and the Repos were approved pursuant to a Presidential
Dispatch dated 4 September 2025. In the future, Angola may seek to enter into
one or more additional repurchase transactions with diverse counterparties.
See "Risk Factors - Risks related to Notes generally - The Issuer may enter
into derivative and repo financing transactions from time to time, which may
impact the value of the Issuer's existing and future Notes" for further
details.
· Luena Saurimo Railway Project
Angola is currently negotiating export credit agency covered facility
agreements for up to U.S. 1.36 billion in connection with the engineering and
construction of a 260km railway line connecting Luena to Saurimo, Angola. HSBC
Bank plc has been appointed as agent and coordinating arranger.
· Africa Finance Corporation
In June 2025, Angola officially became a sovereign shareholder in the Africa
Finance Corporation ("AFC"), with a landmark equity investment of US$184.8
million. Angola has signed a mandate letter for a US$100 million facility with
an accordion of up to U.S.$150 million with AFC. The facility will be used to
finance the down payment portion of priority infrastructure projects, with up
to 25 per cent. of the commitments available to be used for refinancing
general fiscal obligations.
Angola has signed a mandate letter for a US$150 million with AFC, comprising a
concessional tranche to be sourced from the Green Climate Fund. The Facility
will be used to finance the agreed list of sustainable infrastructure
projects.
Sources and Needs for 2024 and 2025
The following table sets forth Angola's financing sources and needs as at 31
December 2024 and the projected financing sources and needs as at 30 June
2025:
Financial Plan 31 December 2024 30 June 2025
(U.S.$ billions)
Sources
(1) Fiscal Revenue ………………………… 19.9 9.6
(2) Total Debt Borrowing ……………………………… 22.2 9.5
Domestic Debt……………………..……..…..……. 17.5 7.8
External Debt …………...………………...…..…… 4.7 1.7
(3) Others(1)………………………………………..……… 0.1 (0.4)
Sales - Share and Other Equity 0.0 0.0
Deposits 0.0 (0.5)
Total 42.2 18.7
Uses
(i) Fiscal Primary Expenditure…………………….… 15.9 9.1
(ii) Total Interest………………….….………………. 5.7 2.7
(iii) Total debt repayment (exclusive of interest)…….. (15.9) (4.8)
Domestic Debt (9.9) (2.7)
External Debt (6.1) (2.1)
(iv) Others(2)…………………………………………..… 36.4 11.7
Accounts Payables / Receivables 35.3 2.2
Treasury operations 0.0 0.0
Acquisition - Share and other Equity 0.0 (0.1)
Total 42.2 18.7
(1 Deposits, revenue from sale of shares,
other equity and accounts payable, including overpaid fiscal revenue.)
(2 Deposits, the cost of acquiring shares,
other equity and the cost of servicing accounts receivables, which includes
receivables from Sonangol.)
(Source:) (Ministry of Finance)"
AMENDMENT TO MONETARY SYSTEM
The following supplements the section entitled "MONETARY SYSTEM" commencing on
page 256 of the Base Offering Circular:
"Inflation
The following table sets forth certain information regarding inflation for the
years indicated and the year-to-year inflation as at 31 August 2025:
Inflation, year-end 2019 2020 2021 2022 2023 2024 31 August 2025
Angola........................................................... 16.9% 25.1% 27.0% 13.9% 20.0% 27.5% 19.7%
(Source:) (National Bank of Angola (BNA).)"
AMENDMENT TO GENERAL INFORMATION
The following entirely replaces the paragraph of the sub-heading entitled "No
Significant Change" under the heading entitled "GENERAL INFORMATION"
commencing on page 294 of the Base Offering Circular:
"No Significant Change
Since 30 June 2025, except as otherwise disclosed in this Supplement, there
has been no significant change in relation to the Issuer's public finances,
balance of payments and trade, respectively."
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