IMF pays out further US$178.2 million to Angola

27 January 2011

Washington, United States, 27 Jan – The International Monetary Fund (IMF) has paid out a further US$178.2 million to Angola, under the terms of a standby agreement, the IMF said in a statement published on its website.

According to the statement, loans to Angola now total US$1.07 billion.

Analysing the progress of the programme, the executive board of the IMF overlooked the non-observance of performance criteria at the end of 2010 relating to a maximum level of delayed payments as well as expansion of credit provided to the government by the country’s banking system.

However, the statement said that the Angolan government’s economic and financial programme had made significant progress towards macroeconomic stability as a result of applying some key measures of the programme, which were supported by a rise in oil prices.

The statement ended with Naoyuki Shinohara, Deputy Managing Director and acting chairman, saying that a critical aim was to improve the transparency of Angola’s public sector as well as the publication of the accounts of public bodies after they are audited by external auditors. (macauhub)