Angola expected to sign deal with International Monetary Fund at beginning of 2010

24 August 2009

Luanda, Angola, 24 Aug – The Angolan government may sign, at the beginning of 2010, a special funding deal with the International Monetary Fund (IMF), newspaper O País reported in Luanda.

The paper added that the IMF is expected, following a recent visit of a delegation to Angola, to carry out a second mission in September as well as another in October.

If the final delegation is conclusive everything points to the first deal between the IMF and Angola being signed. It will mainly aim to minimise the effects of the international financial crisis on the country’s balance of payments.

According to Angolan news agency Angop, the report drawn up by the IMF mission, headed up by the deputy head of the IMF division for Africa, Lamin Leigh, who was in Angola between 3 and 7 August, recognises the efforts made by the Angolan authorities to stabilise foreign reserves, pointing to the correction of implemented measures to restrict financial transactions using foreign currency.

Also according to the document drawn up by IMF specialists, if the authorities had not opted for a restrictive monetary policy, foreign reserves in Angola would currently be null, which could compromise the country’s efforts towards reconstruction and development.

Even so, and regardless of the results of the adopted policy the country still requires special assistance from the IMF. (macauhub)