IMF Director-General visits Angola to discuss financial support

7 December 2018

The Director-General of the International Monetary Fund (IMF), Christine Lagarde, is due to visit Angola from 20 to 22 December, the Angolan Ministry of Finance said in a statement released on Thursday in Luanda.

The statement said that negotiations for a US$4.5 billion loan, which began on 1 August, are the reason behind this visit.

“[The loan] to be disbursed over three years, averaging US$1.3 billion per year, is seen as a motivating factor for other multilateral institutions to consider granting funding without being conditional on projects,” said the document.

An IMF technical mission was in Luanda in September/October to begin negotiations for a three-year Extended Fund Facility (EFF), as requested by the Angolan government.

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. (macauhub)