Ver Angola


Angola sets a maximum of 12 percent in annual interest for issuing public debt up to OGE

The Minister of Finance set a maximum annual rate of 12 percent, paid semi-annually, for the interest on the debt that can be placed on the financial market until the approval of the State Budget for 2023.


According to the regulations of the presidential decree approved at the end of last year, the maximum rate for every six months of payment of interest on debt placed in foreign currency for a maximum period of eight years is limited to 6 percent, in a list that begins in the 4.5 percent with maturity of three years.

"The issuance, placement and redemption of Treasury Bonds in Foreign Currency, with coupon interest rates predefined by maturity and placed through a quantity or price auction, must comply" with a set of conditions, reads in the set of decrees consulted this Tuesday by Lusa.

The three decrees establish the purpose, designation, currency, maximum amount, type of interest rate, placement method, redemption conditions and interest payment frequency, in which case the "limit of 100 billion kwanzas in securities with a unit value of ten thousand dollars".

The purpose of this authorization is to "finance the expenses of the OGE 2023 until it is approved by the National Assembly", and the management of the allocation and management of the amounts is ensured by the National Bank of Angola, but is defined by order of the Minister of Finance.

In addition to this possibility of placement in international public debt, up to 50 billion kwanzas are also reserved for State creditors who have signed a Public Debt Settlement Agreement with the Ministry of Finance, with an "interest rate to be defined in the first auction of the year".

Finally, the Diário da República also publishes another decree, which allows the issuance of a Treasury Bond worth up to 800 billion kwanzas, almost 1.5 billion euros, to cover operating expenses until entry into force of the Budget for this year.

The interest rate is defined in the first auction of the year, and the funds are placed "through a price auction with the financial institutions qualified to participate in the auction and directly to the public", in a period that can go from four to twenty semesters, or that is, up to 10 years.

The definition of these sums, in a total of less than one billion kwanzas, still leaves more than half of the funds available unused, since the President approved an additional debt of 2.6 billion kwanzas until the entry into force of the State Budget of 2023, to meet the financing needs of projects already budgeted.

João Lourenço, in Presidential Decree No. 296/22 of December 30, referred that while the General State Budget for 2023 is not approved by the National Assembly, the Minister of Finance is authorized to issue public debt securities, in the form of Treasury Bonds (OT), worth 2.6 billion kwanzas.

The OGE 2023 proposal, which estimates revenues and sets expenditures of 20.1 billion kwanzas, was delivered to parliament on December 9, 2022 and was approved in general on Monday.


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