Ver Angola


Sonangol and TAAG start to count towards public debt

Angola's Medium Term Debt Strategy 2022-2024 considers direct internal and external public debt to be those contracted by the central government and public companies Sonangol and TAAG, as well as the sovereign guarantees issued.


According to Presidential Decree 254/22, of 24 October, only these two public companies, Sonangol-EP, a state-owned oil company, and TAAG-EP, an Angolan airline, were chosen because they are autonomous companies capable of raising internal financing. and external.

"Although there is recognition that these companies are autonomous, the imperative of including their debts lies in the fact of guaranteeing the alignment between the debt actions of these companies and those of the central government, with the objective of complying with the terms defined in the Law nº 11/3, of 3 September – Basic Law of the Public Business Sector", highlights the document.

In the document, all debt whose creditor is a foreign entity was considered as external and the internal debt represents the liability contracted with domestic market institutions.

This strategy may be reviewed annually by the Public Debt Management Unit if circumstances so warrant, in the event that the macroeconomic assumptions undergo substantial changes "the strategy may be fine-tuned to be in line with the revised objectives".

The main objective of the Public Debt strategy is to meet financing needs, maintaining a balance between reducing borrowing costs and keeping risks at sustainable levels.

The balance of the past three years (2019-2022) is positive, namely the discontinuity of securities indexed to the exchange rate, the standardization of special issues with market securities, the reduction of short-term stock and discontinuity of contracting financing with oil guarantee , factors that "found the definition of the strategy for 2022-2024 on the consolidation of the previously outlined guidelines".

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