IMF Executive Board Extends Stand-By Arrangement for Angola
The Executive Board of the International Monetary Fund (IMF) today approved a request by Angola to extend the country’s Stand-By Arrangement (SBA) until March 30, 2012, to allow time for the sixth and final review. The decision was taken on a lapse of time basis.1 The 27-month arrangement, approved in November 2009, had been scheduled to expire on February 22, 2012 (see Press Release No. 09/425).
The SBA provides financing in an amount equivalent to SDR 858.9 million (about US$1.34 billion), of which SDR 773.01 million (about US$1.2 billion) has been disbursed to date. The final disbursement, equivalent to SDR 85.89 million (about US$133.6 million) would become available on completion of the sixth review, which the Executive Board is now expected to consider in late March 2012.
1 The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.
This article was originally posted on Sustainable Development Africa Platform
Are you interested in Market Research, Recruitment and Business Leads?
Join the Africa Business Panel, powered by Africa Business Communities.
www.africabusinesspanel.com.