Angola reports to IMF on how it used US$31.4 billion

11 May 2012

The Angolan government has reported where it applied US$27.2 million of a total US$31.4 billion that was not properly registered in the country’s accounts, financial news agency Reuters reported.

In October 2011, as part of the aid agreement with Angola, the IMF noted a discrepancy in the accounts for the 2007-2010 period and was unable to identify where US$31.4 billion in oil revenues had been applied.

Reuters also reported that the Angolan government said the problem was due to under reporting of expenditure on the state’s behalf by oil company Sonangol, in sectors such as housing, railways, and other infrastructure.

A sum of US$4.4 billion has yet to be identified and the IMF has said that the process of identifying where it has been used will continue until a full explanation has been given. (macauhub)