(Bloomberg) -- Angola committed to servicing its debt a day after its finance minister announced plans to “renegotiate” some liabilities.
The southern African nation “reiterates its commitment to creditors to fulfill its domestic and foreign debt service,” the finance ministry said in an emailed statement on Thursday. The plan for external borrowing is to “fine-tune the management of the state's liabilities, through the early purchase of short-term debt and the contracting of longer-term debt.”
The OPEC member may even make early redemptions “whenever necessary,” according to the statement.
The yield on the government's $438 million of securities due 2019 rose 25 basis points to 5.33 percent by 6:02 p.m. in London. The rate on the government's $1.5 billion of debt maturing in 2025 dipped 4 basis points to 6.73 percent.
Central bank Governor Jose Massano said on Wednesday Angola would loosen a currency peg it's held since April 2016. The government wants to end a scarcity of foreign exchange triggered by the fall in oil prices in 2014 and which crippled the economy.
To contact the reporters on this story: Paul Wallace in Lagos at pwallace25@bloomberg.net, Henrique Almeida in Lisbon at halmeida5@bloomberg.net, Candido Mendes in Luanda at cmendes6@bloomberg.net.
To contact the editors responsible for this story: Dana El Baltaji at delbaltaji@bloomberg.net, Rene Vollgraaff, Sophie Mongalvy
©2018 Bloomberg L.P.
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