International Monetary Fund approves new tranche of loan to Angola

11 November 2011

Washington, USA, 11 Nov – The International Monetary Fund (IMF) praised the Angolan government for the economic and tax reforms its had put in place and approved the release of the new tranche of its US$134.8 million loan, according to a statement issued Wednesday in Washington.

After the pay out of the new tranche of funding the amount of funding provided to Angola will hit US$1.211 billion, according to the IMF.

On carrying out the fifth review of Angola’s economic performance under the terms of its standby agreement the IMF added that expenditure had been contained, tax adjustment and higher oil prices had made it possible to increase reserves and inflation was falling.

“As well as this, the Angolan authorities finished paying debts from 2008 and 2009, one of the main aims of this programme,” the statement said.

However, the IMF board noted that the Angolan government needed to ensure greater transparency in terms of oil revenue management in order to make certain that oil revenues were properly included in the State Budget. (macauhub)