Angola seeks $4.5 billion in financial assistance from IMF
29-08-2018 06:06:00 | by: Bob Koigi | hits: 3328 | Tags:

Angola is to discuss a $4.5 billion extended financial programme with International Monetary Fund, IMF, as part of the financial aid the country requested to this institution.

According to the Angolan Finance Ministry, Archer Mangueira, should Angola reach a conclusion with the Bretton Woods institution, the amount would be made available in tranches of $1.5 billion each year for the execution of the government’s macroeconomic stabilization programme.

He added that the expanded programme, which emerges after the Stand-by agreement negotiated by the Angolan government and IMF in 2008, is basically aimed at consolidating the fiscal adjustment, among others.

The ongoing tax reform programme, said the minister, is focuses on the stabilization of the international liquid reserves, which has ensured a more efficient operation by economic agents.

The programme also includes measures already underway to be bolstered through the creation of a better business environment, whose legal basis was established under the creation by the government of a competition law and a new instrument on foreign investment.

In a statement released by the Angolan Ministry of Finance, concerning the 14-day mission held by Bretton Woods organization to Angola, it was said that the Angolan government requested the adjustment of the IMF support program, by adding a financing aid to the current technical assistance programme.

The IMF confirmed that it has received a request from the Angolan Government to start discussions on an economic programme financed under the Extended Fund Facility Programme.