Washington, USA, 9 Feb – The International Monetary Fund (IMF) said Wednesday in Washington it had a proved a five-week extension of its stand-by arrangement with Angola.
The new expiry date will now be 30 March and is intended to make time for the sixth and final performance review carried out in January in Luanda.
Angola’s stand-by arrangement with the IMF also included a loan in November 2009, for a period of 27 months, of a total US$1.4 billion, in six tranches, the last of which will be handed over based on the review.
Angola’s request for help from the MIF was due to the country’s need to replace its foreign reserves following the 2007 world crisis and the sudden drop in oil prices.
The final tranche of the loan is worth US$133.6 million. (macauhub)