"The fourth review [of the IMF] analyzed Angola's performance for the period up to June 2020 and as a result, concluded that out of the six targets set for the performance criteria, the country comfortably met with five of them", said Osvaldo João, who presented the IMF report to Angolan public television this Monday.
The goal that remains to be achieved is related to the accumulation of external arrears, he said, highlighting the "very positive" fulfillment of the primary non-oil fiscal deficit, "one of the main anchors" of the IMF program, since it will allow the economy to change the trajectory deficit that had been observed in recent years, especially between 2014 and 2017.
"We followed that goal and applied the measures leading to the achievement of this goal with great responsibility so that the country enters the route of fiscal consolidation and debt sustainability", he underlined.
Osvaldo João also stressed the fulfillment of another fundamental goal, that of net international reserves, fundamental for the preservation of the country's solvency and external position.
As for other goals, which serve to guide the executive to achieve his objectives, but whose non-compliance does not compromise the continuity of the program, Angola was successful in the five established ones.
The International Monetary Fund announced last Monday the release of US $ 487.5 million for Angola, revealing that the fourth revision of the economic program has been completed, supported by an extended agreement under the Extended Financing Mechanism.
The three-year agreement extended to Angola was approved on December 7, 2018, in the amount of about US $ 3.7 billion, to restore external and fiscal sustainability, improve governance, and diversify the economy to promote growth sustainable economic development, led by the private sector.
At the third review, the IMF also approved the authorities 'request for an increase of $ 765 million to support the authorities' efforts to mitigate the impact of covid-19 and support the implementation of structural reform.
The International Monetary Fund praised Angola's work, but it also left some "ear tugs", namely regarding the need to continue "structural reforms".
