Angola | Gov’t requests financial support from the IMF

The Angolan government has asked the International Monetary Fund (IMF) to adjust its support program, including a financing component, Angolan state news agency Angop reported.

The financial support stems from the need to cope with the most recent economic developments for the implementation of the Macroeconomic Stabilisation Program and the 2018-2022 National Development Plan, according to a press release from the Ministry of Finance.

The request from the Angolan Government is part of a working visit to Angola by a mission of the International Monetary Fund (IMF) from 1 to 14 August, and which was invited to visit Angola again in October 2018, in order to start negotiations under a two-year Extended Fund Facility (EFF), which may be extended for another year.

The Ministry of Finance notes that the IMF’s working visit concluded that the macroeconomic stabilization policies and reforms implemented by the Angolan government are adequate to promote economic growth and diversification of economic activity despite the adverse environment.

For two weeks, the Angolan Government and the IMF mission analysed recent economic developments and economic and the financial outlook and addressed issues related to the Policy Coordination Instrument (PCI).

The PCI is a non-financial program that provides technical assistance for the implementation of measures in the country’s main macroeconomic management documents such as the Macroeconomic Stabilisation Program, initiated in January 2018, also serving to increase Angola’s external credibility, with positive effects on attracting Foreign Direct Investment.  MDT/Macauhub