Angola plans to issue US$20 billion in public debt and pay interest of up to 7 percent, Angélica Paquete, director of the Public Debt Management Unit of the Ministry of Finance, said in Luanda.

Ms Paquete, who presented the 2015 Annual Debt Plan on Tuesday, said the amount was needed to ensure the financing of the 2015 State Budget.

“In the 2015 fiscal year we have introduced the possibility of private or collective investors gaining access to the primary [domestic] market,” Ms Paquete said quoted by local media.

The Government expects to collect over 480 billion kwanza (US$4.6 billion) from private and collective investors this year, said the official.

Ms Paquete also announced that the first debt issue would be carried out in the international market, with the support of financial partners in the sector.

Angola’s debt level is acceptable and is currently under 26.9 percent of the country’s Gross Domestic Product, João Quipipa, Director of the Office for Studies and International Relations of the Ministry of Finance, said at the same conference.