Angola negotiates new loan with World Bank

1 February 2016

The government of Angola is negotiating with the World Bank a new development programme loan programme (DPL), saidFriday in Luanda the Finance Ministry, at the end of the visit by a mission of the multilateral financial institution.

The ministry also reported that the head of the World Bank mission, Rafael Barroso, “reaffirmed the” World Bank’s availability “to assist the country in implementing the recommended reforms by March 2016.”

On 1 July the Angolan government announced an agreement with the World Bank for a loan of US$450 million and a financial guarantee to raise funds in the international market from US$300 million to US$1 billion.

The World Bank mission was in Luanda from 25 to 29 January to to review the prior actions and assess the degree of compliance with previously agreed actions between the parties under the first DPL facility as well as to follow up on negotiations for the second initiative to support the programme’s implementation and completion.

The statement said Angola has shared some preliminary data on the fiscal results of the 2015 financial year, marked by stability and fiscal and macroeconomic sustainability with the World Bank’s technical staff. (macauhub/AO)