Angola | 2018.07.18
PUBLIC DEBT LAW REGULATED

Presidential Decree No. 164/18, of 12 July 2018, enacted the Regulations on Law No. 1/14, of 6 February 2014, which in turn regulated the legal framework for direct and indirect public debt.


Among the new measures is the delegation of powers to the Minister of Finance to negotiate and sign loan agreements up to the equivalent in Kwanzas of USD 10,000,000 (ten million US dollars). Loans exceeding this amount are subject to the prior authorization of the President of the Republic. A flowchart showing the process for drafting financing agreements was also approved. In addition, the waiver of sovereign immunity in financing agreements is expressly limited to (available) assets in the private domain of the State. The statute further regulates the issuance of State Bonds and Treasury Bonds, as well as indirect State debt, notably providing for the giving of guarantees by the Minister of Finance in respect of loans and financing granted to public and private companies, provided that the relevant project qualifies as being of interest to the national economy.


The Presidential Decree entered into force on 12 July 2018 and revoked Presidential Decree No. 259/10, of 18 November 2010.

 

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