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Angola :, Selected Issues

This Selected Issues paper assesses macroeconomic fiscal risks and the benefits of improved fiscal risk management in Angola. Angola faces fiscal risks coming from multiple sources, such as volatility in oil prices and production, macroeconomic shocks, weak macroeconomic forecasting; weaknesses in public fiscal management, energy subsidies, potential delays of oil revenue transfers from the state-owned oil company Sonangol to the Treasury, and contingent liabilities from state-owned banks and enterprises. Addressing these risks requires action in various fronts, including more transparent fiscal reporting, improved forecasting of fiscal aggregates and other macroeconomic variables, developing a fiscal stabilization fund with more flexible deposit and withdrawal rules, strengthened public expenditure controls, and more timely oil revenue transfers from Sonangol to the Treasury
Table Of Contents
Cover -- CONTENTS -- FISCAL RISKS -- A. Introduction -- B. Macroeconomic Risks -- C. Specific Risks -- D. Concluding Remarks -- BOX -- 1. Domestic Payments Arrears -- FIGURES -- 1. Public Debt Sustainability Analysis, Stress Tests -- 2. Evolution of Predictive Densities of Gross Nominal Public Debt -- TABLES -- 1. Main Economic Indicators, 2008-15 -- 2. Scenarios: Impact of Oil Price Shocks on Oil Revenues -- 3. Fiscal Aggregates and Macroeconomic Indicators, 2008-14 -- 4. Addressing PFM-Related Fiscal Risks -- 5. Public Banks' Financial Soundness Indicators, 2008-14 -- References -- NON-OIL TAX EXPENDITURES -- A. Introduction -- B. Methodology -- C. Defining Tax Benchmarks and Identifying Tax Expenditures -- D. Concluding Remarks -- TABLES -- 1. Revenue from the Main Non-Oil Taxes (millions of Kz) -- 2. Revenue from the Main Non-Oil Taxes (percent of GDP) -- 3. Tax Expenditures Under the Industrial Tax (Law No. 19/14) -- References -- BANK BENCHMARKING -- A. Introduction -- B. Overview of the Angolan Banking System -- C. Methodology and Data -- D. Aggregate Level Analysis -- E. Individual Bank Level Analysis -- F. Banking Resolution and Crisis Prevention Framework -- G. Concluding Remarks -- BOXES -- 1. Oil Price Shocks and the Banking System -- 2. The Impact of an Exchange Rate Depreciation on the Banking System -- TABLES -- 1. Banks' Assets and Deposits and Short-Term Funding in 2013 -- 2. Selected Comparator Countries -- ANNEXES -- I. Financial Soundness Indicators -- II. Aggregate Level Analysis -- III. Individual Bank Level Analysis -- References -- MONETARY POLICY TRANSMISSION -- A. Key Features of Angola's Monetary Policy Framework -- B. Methodology -- C. Data -- D. Empirical Results -- E. Concluding Remarks -- FIGURES -- 1. Interest Rates -- 2. Recursive SVAR Impulse Responses -- TABLES
Literary Form
non fiction
Physical Description
1 online resource (61 pages)
Specific Material Designation
Form Of Item

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