A mission of the International Monetary Fund (IMF) is due to arrive in Angola on Wednesday to begin negotiations for a three-year Extended Fund Facility (EFF), as requested by the Angolan government, the Ministry of Finance said.

The official statement said that the EFF, aims to facilitate the implementation of the Macroeconomic Stabilisation Programme and the National Development Plan 2018-2022, as well as achieving the goals of economic adjustment and growth, diversification, attracting foreign direct investment and reducing the structure of financing costs.

During its nine days in Luanda from Wednesday until 5 October, the IMF mission, led by Mario de Zamaroczy, will meet with different members of the government and the National Bank of Angola, as well as managers of public companies and with the financial sector in order to examine the economic and financial prospects and identify the axes that will support the institution’s support for the Angolan State.

The Extended Fund Facility (EFF) is an IMF support mechanism for member countries, created in 1974 to help them solve long-term problems related to low economic growth and balance of payments deficits that require deep economic reforms.

Finance Minister Archer Mangueira announced last August that Angola would analyse a US$4.5 billion IMF financing programme under the financial assistance requested by the Angolan government. (macauhub)