Ver Angola


IMF and consolidation favor Africa's return to the markets, considers consultant

The consultancy Pangea-Risk considered, this Monday, that investors are more confident in the financial capacity of African countries to honor their commitments due to budgetary consolidation and support from International Monetary Fund (IMF) programs.

: Diario

"The successful completion of the International Monetary Fund (IMF) programs and consolidation efforts support the improvement in the outlook for the evolution of debt in African countries", write analysts from this British consultancy in a report entitled 'African Sovereign Debt: Moving Away himself from the Abyss'.

In the document, analysts review the recent issuances of Côte d'Ivoire, Benin and Kenya, which marked the end of a two-year withdrawal from international markets, and point out that other large economies in sub-Saharan Africa, such as Nigeria, South Africa, Angola and Egypt, should soon return to issuing public debt.

"Governments that have demonstrated their public finance credentials and sound monetary policies will reap the benefits of a revived investor interest in African bonds this year and next," analysts write in the report, to which Lusa had access.

Signed by Faisal Khan, from Acre Impact Capital, Robert Besseling, founder and director of Pangea-Risk, and Bilal Bassiouni, analyst at this consultancy, the joint article highlights the importance of returning to the markets and points to the Gulf countries as a new 'player' in the region, which seeks investment and influence in sub-Saharan Africa.

"Rich Gulf nations are emerging as alternative lenders of last resort in some parts of the continent, as demonstrated by the UAE's massive bailout of Egypt earlier this year, with support already pledged from Saudi Arabia and Kuwait," writes Pangea-Risk.

"The Gulf states are competing for regional influence and economic dominance in some parts of Africa, having invested notably in energy, infrastructure, agribusiness, financial services and defense," he adds.

With more than 9 billion dollars, more than 8.3 billion euros, of debt due next year, sub-Saharan Africa has been carrying out several debt management exercises, whether through restructuring or through negotiation directly on new payment deadlines, as Angola did with China.

In the report, Pangea-Risk concludes that "the return to capital markets coupled with the downward trajectory of average interest rates gives African countries an opportunity to reduce risks in 2025 and 2026 if they engage in debt exercises prudent", namely through meetings with creditors about a new framework for payments.

The IMF has made more than 80 billion dollars available to Africa since 2020, including financing and allocations of Special Drawing Rights, with financial programs in 30 countries, including the CPLP (Community of Portuguese Speaking Countries), with the exception of Angola and Guinea Equatorial.


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