IMF signs agreement to provide technical assistance to Angola

10 December 2019

The Angolan Ministry of Finance on Tuesday in Luanda is due to sign an agreement for the management of public finances with the International Monetary Fund (IMF), for the implementation of a technical assistance programme, which also provides for scheduling the macroeconomic framework for tax purposes and improving the management of public investment, according to an official statement.

The programme, implemented over three years, is funded by the European Commission and managed by the Department of Fiscal Affairs of the IMF. It covers four strategic objectives, notably the improvement of laws on public financial management and effectiveness of the institutions, as well as the preparation of a comprehensive and credible budget, based on effective policies.

The identification, monitoring and management of fiscal risks and improving the coverage and quality of fiscal reports, to help monitor the evolution of public finances, are two other pillars included in the execution of this project.

The International Monetary Fund (IMF) on Thursday, 5 December, after the conclusion of the second review of the Angolan economic programme, approved the third disbursement, of US$247 million increasing the total payout so far to US$1.48 billion, under the reform programme agreed with the Angolan government.

The agreement now extended for three years in Angola was approved by the Executive Board of the IMF on 7 December 2018, amounting to US$3.7 billion, with the aim of restoring external and fiscal sustainability, improving governance and diversifying the economy to promote sustainable economic growth led by the private sector.

The Extended Fund Facility was created to provide assistance to countries facing serious imbalances in payments due to structural blocks or that have slow growth and a weak position in their balance of payments. (macauhub)