The World Bank Implementation Status & Results Report Angola First Green, Resilient, Inclusive Growth and Diversification Development Policy Financing (P179512) Angola First Green, Resilient, Inclusive Growth and Diversification Development Policy Financing (P179512) EASTERN AND SOUTHERN AFRICA | Angola | IBRD/IDA | Development Policy Financing (DPF) | FY 2023 | Seq No: 1 | Archived on 03-Jul-2024 | ISR00993 Implementing Agencies: Ministry of Finance of Angola 1.OBJECTIVE 1.1 Development Objective Original Development Objective (Approved as part of Approval package on 29-Jun-2023) The development objective is to support the Government of Angola to promote green, resilient, and inclusive growth by (i) reducing economic distortions and strengthening fiscal and financial sector resilience (ii) boosting equity by strengthening social inclusion; and (iii) Improving markets and infrastructures to build climate resilience Has the Development Objective been changed since Board Approval of the Project Objective? No 2. OVERALL RATINGS Name Current Progress towards achievement of PDO lModerately Satisfactory Overall Implementation Progress (IP) lModerately Satisfactory Overall Risk Rating lSubstantial Comments No comment 3. KEY ISSUES & STATUS 3.1 Implementation Status and Key Decisions This first Development Policy Loan (in a programmatic series of two) has contributed to achieving the program development objectives. The operation supported the first phase of the Angolan authorities complex fuel subsidy reform which increased the price of gasoline by 87.5 percent in June 2023. To mitigate the impact of the fuel subsidy reform to the most vulnerable, the operation Jul 03, 2024 Page 1 of 5 The World Bank Implementation Status & Results Report Angola First Green, Resilient, Inclusive Growth and Diversification Development Policy Financing (P179512) contributed to the expansion of the duration, amount, and beneficiaries of the cash transfer program (Kwenda), as well as the implementation of the first phase of social fare card system (Gira Mais). In addition, the operation strengthened financial sector resilience by supporting the approval of the Anti-Money Laundering and Financing and Combating Terrorism (AML/FCT) Strategy that resulted in the approval of the revised AML/FC Law in 2024. 4. SYSTEMATIC OPERATIONS RISK-RATING TOOL Rating at Approval Risk Category Approval Package - 30 Proposed Rating Jun 2023 Political and Governance lHigh lHigh Macroeconomic lSubstantial lHigh Sector Strategies and Policies lSubstantial lSubstantial Technical Design of Project or Program lModerate lModerate Institutional Capacity for Implementation and lSubstantial lSubstantial Sustainability Fiduciary lSubstantial lHigh Environment and Social lSubstantial lSubstantial Stakeholders lSubstantial lSubstantial Overall lSubstantial lSubstantial Jul 03, 2024 Page 2 of 5 The World Bank Implementation Status & Results Report Angola First Green, Resilient, Inclusive Growth and Diversification Development Policy Financing (P179512) 5. RESULTS 5.1 Indicators by Pillars Pillar 1 – Reducing economic distortions and strengthening fiscal and financial sector resilience. Baseline Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Month/Year Domestic gasoline and diesel 35 percent for Dec/202 39 percent for 30-Apr- At 95 percent for Dec/202 prices relative to cost gasoline, 22 2 gasoline, 23 2024 both fuels 5 recovering benchmark percent for diesel percent for diesel (Percentage) nly Legal persons included in the 0 Dec/202 0 19-Jun- 50 Dec/202 beneficial ownership registry 2 2024 5 and risk-based verifications conducted (Percentage) Fiscal stabilization fund set No Dec/202 No 19-Jun- Yes Dec/202 up and operating under 2 2024 5 appropriate rules (Text) Number of SOEs (Number) 76 Dec/202 65 31-Dec- Fewer than 40 Dec/202 2 2023 5 Pillar 2 - Boosting equity by strengthening social inclusion. Baseline Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Month/Year Number of families receiving 0.6 million Dec/202 1.04 million 31-Dec- At least 1.6 Dec/202 updated benefit amount 2 2023 million 5 (Number) Jul 03, 2024 Page 3 of 5 The World Bank Implementation Status & Results Report Angola First Green, Resilient, Inclusive Growth and Diversification Development Policy Financing (P179512) Number of targeted 0 Dec/202 1.150 31-Dec- More than Dec/202 passengers per day with free 2 2023 500.000 5 or reduced fare (Number) Pillar 3- Improving markets and infrastructures to build climate resilience. Baseline Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Month/Year Increase in the percentage of 43 Dec/202 44 19-Jun- 47 Dec/202 the population with access to 2 2024 5 electricity (Percentage) Number of provincial utilities 0 Dec/202 7 19-Jun- At least 15 Dec/202 nly adequately reporting service 2 2024 5 levels and water quality data (Number) Total annual premium value 0.61 percent of Dec/202 0.6 percent of 31-Dec- At least 1.2 Dec/202 on all insurance products GDP 1 GDP 2023 percent of GDP 5 (Percentage) Decline in gas flaring 4.4 m3 per barrel Dec/202 4.0 m3 per barrel 31-Dec- Less than 2.5 m3 Dec/202 intensity barrel of oil 1 2022 per barrel 5 produced. (Cubic Meter(m3)) Jul 03, 2024 Page 4 of 5 The World Bank Implementation Status & Results Report Angola First Green, Resilient, Inclusive Growth and Diversification Development Policy Financing (P179512) 6. DATA ON FINANCIAL PERFORMANCE 6.1 Disbursements (by loan) Loan/Credit/ Cancelle Undisburs Status Original Revised Disbursed % Disbursed TF d ed IBRD-95720 Closed 500.00 500.00 0.00 500.00 0.00 100.00 % 6.2 Key Dates (by loan) Orig. Loan/Credit/TF Status Approval Signing Effectiveness Rev. Closing Closing 30-Jun- IBRD-95720 Closed 30-Jun-2023 17-Jul-2023 15-Sept-2023 30-Jun-2024 2024 7. KEY DATES Key Events Planned Actual Approval 30-Jun-2023 30-Jun-2023 Effectiveness 15-Sept-2023 15-Sept-2023 Operation Closing/Cancellation 30-Jun-2024 8. TRANCHES No Tranches have been added 9. ASSOCIATED OPERATION(S) There are no associated operations Jul 03, 2024 Page 5 of 5