IMF reaches agreement with Angola on additional economic measures

17 March 2010

Washington, United States, 17 March – The International Monetary Fund (IMF) said Tuesday in Washington (IMF) that it had agreed with Angola the economic measures necessary to conclude the first review of the fund’s US$1.4 billion programme for the country.

“Although the economy is showing improvements, additional measures are necessary to create a sustainable fiscal position, limit inflation and rebuild foreign reserves,” said Laming Leigh, the head of the mission to Angola following talks with the Angolan government.

In a statement Leigh also said that additional discussions were necessary on monetary and exchange rate policies and on a debt management strategy, which are likely to take place over the next few weeks, a step that is considered to be necessary before funds are provided.

Thus, the second tranche of the loan provided in November 2009 by the IMF to Angola, is now not likely to be paid out on 15 March.

The next tranches are scheduled for June, September and December of this year and June and December of 2011, all of which are subject to identical conditions.

Leigh also said that since the loan was approved the Angolan economy had had a performance in line with expectations, that market confidence had shown improvements and that there had been an upturn in non-oil sectors. (macauhub)