IMF mission arrives in Angola Wednesday to evaluate use of loan

10 January 2012

Luanda, Angola, 10 Dec – A mission from the International Monetary fund (IMF) is due to arrive in Luanda Wednesday for the sixth and final evaluation of the use of the standby agreement by the Angolan government, an IMF representative said Monday in Luanda.

Nicholas Staines added that the delegation would be working in Luanda until 21 January.

In 2009 the IMF granted Angola a loan of US$1.4 billion to stabilise Angola’s balance of payments after an abrupt drop in net foreign reserves in 2008, as a result of a drop in the price of crude oil on the international market.

Angola has received US$1.21 billion of the total loan and has committed to paying back all existing debts to Brazilian, Portuguese and Angolan contractors from 2008 and 2009 by May, 2012, which are estimated to total US$5.7 billion.

If the IMF delegation makes a positive evaluation of the use of the loan amount the final tranche of the loan will be handed over to Angola. (macauhub)