"The decision of the board of directors allows an immediate disbursement of 1 billion dollars to Angola and an increase of approximately 765 million dollars until the end of the program", to almost 4.5 billion dollars, the IMF announced in a statement this Wednesday night.
The note added that "Angola's economy has been hit hard by a multifaceted shock stemming from the covid-19 pandemic and the decline in oil prices".
"The authorities have taken timely measures to deal with the challenges and remain firmly committed" to the fulfillment of the program, which has been "implemented in a generally satisfactory manner", considered the financial institution.
In the press release accompanying the announcement, the IMF explains that this third positive assessment of the financial assistance given under the Extended Fund Facility, allows for the disbursement of over one billion dollars, amounting to approximately of 2.5 billion dollars already delivered since the signing of the agreement on 7 December 2018. The main objectives of the agreement are "to restore external and budgetary sustainability, improve governance and diversify the economy, to promote economic growth sustainable, led by the private sector ".
At the conclusion of the third assessment, the Fund also assessed the authorities 'request to strengthen the loan at 765 million dollars, bringing the total to 4465 million dollars, with the aim of supporting "the authorities' efforts to control the spread of the pandemic. of covid-19, mitigate its economic impact and move forward with the implementation of structural reforms".
This afternoon's meeting in Washington also served the IMF to analyze some technical requests from the authorities regarding goals and performance criteria that determine whether or not to disburse more funds during the duration of the financial assistance program, but the changes have not yet been made. disclosed.
“The Angolan authorities remain committed to pursuing sound policies within the scope of the IMF-supported program, despite the deteriorating external environment due to the covid-19 pandemic, including negative impacts on public health, social protection, the budget and the public debt, "commented IMF deputy director general Antoinette Sayeh, cited in the statement.
"The authorities acted quickly and decisively in response to lower exports and oil revenues, consistent with the overall objectives of the program", he pointed out, exemplifying with the adoption of a "conservative amending budget for 2020" and the measures taken to increase non-oil revenue and control of non-essential expenditure.
