According to the Presidential Decree “254/22” of October 24, only these two public companies, Sonangol-EP, the state oil company and TAAG-EP, the Angolan airline, were chosen because they are independent companies with the capacity to increase the financing of internal and external.
“Although it is accepted that these companies are autonomous, the imperative of including their debts lies in the fact of guaranteeing the harmonization of the debt actions of these companies with those of the central government, in order to respect the conditions defined in law no. 11/3, dated September 3 – Basic Law for the Public Business Sector”, the document emphasizes.
In the document, external debt is considered all debt whose creditor is a foreign entity and internal debt represents obligations contracted with domestic market institutions.
The Public Debt Management Unit may review this strategy annually if circumstances require; if macroeconomic assumptions undergo fundamental changes, “the strategy can be refined in accordance with the revised objectives.
The main objective of the Public Debt strategy is to meet borrowing needs while 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 termination of securities indexed to the exchange rate, the standardization of special issues of market securities, the reduction of short-term stock and the termination of contracting for financing with guarantees of oil, factors that “base the determination of the strategy for 2022-2024 on the consolidation of the guidelines previously outlined.
With information from Lusa
