In November 2019, Angola issued its first bonds since securing an International Monetary Fund (IMF) support package in 2018 – raising $3bn from yield-hungry investors attracted by yields of 8% and 9.125%, respectively – and tentative signs of progress in its economy.
Since taking office in 2017, president João Lourenço has embarked on efforts to diversify Angola’s economy away from a heavy dependence on oil, but there is still considerable work to be done on improving its economic outlook. For instance, in 2018, Angola’s national debt stood at around 89% of GDP.
