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Angola Seeks $1.4bn Debt Swap and $1.7bn in New Funding
January 28, 2026
Angola plans to execute a debt-for-health swap in 2026 as part of a broader borrowing strategy aimed at lowering financing costs and easing pressure on public finances. The swap would allow the country to replace expensive debt with cheaper funding, provided the savings are redirected to the health sector. According to the finance ministry’s annual borrowing plan, the government aims to secure about $1.4bn in commercial financing, which includes the planned debt swap, alongside $500mn in budget support from the World Bank. The nation also plans to raise $1.7bn from international capital markets, portion of which will come from bilateral creditors and export credit agencies. The IMF expects Angola’s GDP growth to remain modest at around 2% in 2026, with a gradual recovery dependent on progress in diversifying the economy away from oil. Meanwhile, the government continues efforts to strengthen public finances through subsidy cuts and reforms aimed at attracting greater private investment. Separately, Angola’s finance ministry added that a three-year extension of its $1bn loan with JPMorgan included a $200mn reduction in collateral to $1.7bn, while also securing an additional $500mn in financing.
Angola’s 8.75% 2032s are trading stable at 97.4, yielding 9.3%.
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