"Pursuing structural reforms is fundamental to diversifying the economy and laying the foundations for economic growth led by the private sector. The Government will have to stand firm in improving the business environment, strengthening governance and fighting corruption" , IMF Deputy Director-General Antoinette Sayeh said in the statement that the approval of the third phase of the financial assistance program was approved.
"The authorities have secured debt restructuring agreements with several major creditors to reduce risks related to debt sustainability," added the IMF official, warning that "continuous surveillance of public debt management is essential to mitigate such risks in the context increased volatility in oil prices ".
The IMF approved this Wednesday Angola's request for increased financial assistance, immediately disbursing billion dollars and raising the total program to almost 4.5 billion dollars.
"The decision of the board of directors allows an immediate disbursement of one billion dollars to Angola and an increase of about 765 million dollars until the end of the program", to almost 4,5 billion dollars, the IMF announced in a statement tonight.
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".
In the statement, the IMF also addresses the Angolan financial system, defending further advances in foreign exchange liberalization: "Efforts must continue to eliminate the limitations on an equilibrium market exchange rate".
