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Angola’s Economic Outlook Is Positive on Oil Prices, IMF Says

The outlook for Angola’s economy is positive amid higher oil prices, the International Monetary Fund said.

“Angola’s economy continues to recover from the 2009 fiscal and balance of payments crises,” the IMF said in an e-mailed statement after a staff team visited Luanda from May 25 to June 8. “Macroeconomic prospects for 2011 are positive, reflecting higher oil prices and projected oil production of around 1.7 million barrels per day.”

The fund noted that as the global environment “remains unusually uncertain, the authorities are also committed to further strengthen foreign reserves as a buffer against oil revenue volatility, a key program objective.”

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