02054cas a2200241 a 4500 AALejournalIMF021266 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513557076 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. African Dept. Angola : Third Review under the Extended Arrangement Under the Extended Fund Facility, Requests for Augmentation and Rephasing of Access, Waivers of Nonobservance of Performance Criterion and Applicability of Performance Criterion, Modifications of Performance Criteria, and Completion of Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Angola. Washington, D.C. : International Monetary Fund, 2020. 1 online resource (134 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The economic outlook has substantially deteriorated since the Second Review, driven by the negative effects of the COVID-19 pandemic on global economic activity and oil prices. The adverse impact of the shock on the Angolan economy, which is highly dependent on oil (95 percent of exports, two-thirds of government revenue), adds to the hardship from five consecutive years of recession. Rapid exchange rate depreciation and the decline in oil prices have pushed the public debt-to-GDP ratio to a very high level. However, continued fiscal retrenchment, prudent debt management, and debt reprofiling are expected to improve debt dynamics progressively. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2020/281 Full text available on IMF http://elibrary.imf.org/view/journals/002/2020/281/002.2020.issue-281-en.xml IMF e-Library