Angola is located on the west coast of Africa and is the world’s fourth-largest producer of diamonds and the second-largest producer of oil in sub-Saharan Africa, after Nigeria. The country gained independence in 1975 after a long war of liberation against the former colonial ruler, Portugal. However, ideological and ethnic fractionalization ensured that peace did not accompany independence, igniting a brutal, costly civil war, which came to an end only in 2002, after 27 years.

The macroeconomic imbalances that emerged from the civil war that ravished Angola from 1975 to 2002 obliged the government to sign a standby agreement with the International Monetary Fund (IMF) in 2003, which aimed to alleviate problems of liquidity and the maintenance of a sustainable macroeconomic position. The standby agreement came ...

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