IMF ends round of negotiations for special aid to Angola’s balance of payments

29 September 2009

Luanda, Angola, 29 Sept – The International Monetary Fund (IMF) is due Tuesday in Luanda to end its second mission to Angola in 2009, as part of the negotiations with the government to provide a special loan to help improve Angola’s balance of payments.

Finance Ministry spokesman, Bastos de Almeida, told Portuguese news agency Lusa that the special aid could total up to 120 percent of that countries have in the fund and that, in Angola’s case, totals US$500 million.

“But that is very little for Angola’s needs,” Bastos de Almeida told Lusa without specifying the Luanda Government’s proposal.

Bastos de Almeida said however that “ a good principal” would be to start from a figure of US$2 billion, although he noted that this “does not affect any proposal,” from Luanda, because “it could even be more.”

The current IMF mission to Angola is expected to be followed by further talks during the World Bank meeting in Turkey, due to take place over the next few days.

“An agreement may be reached in October,“ said Bastos de Almeida, if the rounds of negotiations, the one in August, the one that ends today and those set for Istanbul, are successfully concluded. (macauhub)