IMF begins mission to review loan to Angola

2 March 2010

Luanda, Angola, 2 March – The International Monetary fund (IMF) is due, as of Tuesday, to begin its first review of the US$1.4 billion loan provided to the Angolan government in November 2009.

The IMF team, led by Lamin Leigh, who also headed up negotiations before the stand by loan agreement was signed in Washington, will review, according to a source from Banco Nacional de Angola (BNA), how the agreement is being carried out in relation to the goals set.

This agreement, which was announced by the Luanda government as the biggest ever provided to an African nation by the IMF, is aimed at helping Angola overcome the difficulties caused by the fall in the price of oil and diamonds as a result of the international financial crisis.

The loan was provided to Angola in a phased manner and for a period of 27 months starting from the moment it was signed.

In December, the assistant director general of the IMF, Takatoshi kato, whilst in Luanda praised the Angolan government’s efforts to improve fiscal transparency, “especially in the oil sector.”

Kato also said that the IMF would soon place a “resident representative” in Luanda with the aim of supporting Angola in restructuring its financial system as well as supervising the application of the recent stand by loan agreement. (macauhub)