IMF awaits Angola’s decision on support it requires

14 June 2016

The International Monetary Fund (IMF) is waiting for the government of Angola to say if it still needs financial aid, following a request made when oil was at a lower price, said Monday in Luanda the head of the IMF mission, Brazilian economist Ricardo Velloso.

The IMF team conducted a two-week working visit to Angola, the first of several that will take place as part of negotiations on the request by the Angolan authorities for a financial support programme, which aims to collect data for economic policies.

“The government made a formal request, but was obviously in a context where the price of oil was lower, so we need to know if this request is maintained,” said Velloso, who expects Angola to have a “difficult year” despite the oil price rise.

The IMF announced on 6 April that Angola had requested an assistance programme for the next three years, the terms of which were discussed at the spring meetings in Washington, continuing in Luanda from 1 June until Tuesday.

The head of the IMF mission said that the Angolan government made great efforts in 2015 to adjust the level of spending to the lowest level of oil revenues, which should continue in the near future.

Velloso said the mission is in talks to discover which proposals the government wants to apply, “so that we can have a better idea regarding the technical support that can still be given.” (macauhub/AO)