Angola to negotiate funding of US$2 billion with IMF

16 September 2009

Luanda, Angola, 16 Sept – Angolan representatives are due to meet with International Monetary Fund (IMF) officials at the end of September in Istambul in order to negotiate a loan of US$2 billion, a source from the Angolan Finance Ministry told the Reuters news agency Tuesday.

Bastos de Almeida, spokesman for the Finance Ministry said that the meeting would run on the sidelines of the IMF and World Bank meetings held in the Turkish capital from 28 September to 2 October.

The ministry spokesman said that the country had been granted IMF funding of US$500 million but the government needed US$2 billion to boost its finances.

“We hope to get more than the US$500 million. Angola needs to rebuild the infrastructures destroyed in its civil war. We hope to reach an agreement by the end of October,” Almeida said. (macauhub)