Angola does not plan to take on more IMF loans

26 January 2012

Lisbon, Portugal, 26 Jan – The Angolan government does not plan to take out another loan from the International Monetary Fund (IMF) when its US$1.4 billion loan under the terms of a stand by agreement is concluded this year, Angola’s Economy Minister said in Lisbon.

“We have no plans to get a new line of credit from the IMF, especially because for the Angolan government the technical support for macro-economic reforms that we had implemented was much more important than the funding itself,” said Abraão Gourgel.

The minister also said that support provided by the IMF for the reforms had given the country the credibility it needed to be attributed a credit rating by international credit rating agencies.

Cited by financial news agency Reuters, Gourgel said that the Angolan government planned to keep the IMF’s involvement on a consultancy basis rather than as part of a similar programme to the one that was currently in place.

Angola has so far received US$1.21 billion of the total loan, and the Fund’s staff last week finished their analysis of the agreement with a view to releasing the final tranche of the funding. (macauhub)