IMF warns Angola debt will hit ceiling in medium term

The International Monetary Fund on Friday projected that Angola's public debt would hit its ceiling in the medium term, urging the government to use any oil revenue windfalls to cut debt and build buffers as declining oil production weighs on its fiscal position. "The recent surge in oil prices has improved Angola's access to international markets and is projected to provide a temporary offset to Angola's declining oil revenues. Gross financing needs are, however, projected to rise with public debt reaching the ceiling under the Fiscal Sustainability Law in the medium term," the IMF said.