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Thu, 17 Sep 2020 09:29 - Updated Thu, 17 Sep 2020 09:30

IMF raises aid to USD 4.5 billion

Luanda - The International Monetary Fund (IMF) on Wednesday approved Angola's request for increased financial assistance and immediately disbursed USD one billion.

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This measure brings the total assistance programme to almost USD 4.5 billion, a statement from the international financial body noted.

According to the fund, this third positive assessment of financial assistance is given under the Extended Fund Facility.

It allows for the disbursement of an additional USD one billion, or about USD 2.5 billion since the agreement was signed on 7 December 2018.

The agreement aims to "restore external and fiscal sustainability, improve governance and diversify the economy to promote sustainable economic growth, led by the private sector," explains the IMF.

"The board's decision allows an immediate disbursement of USD one billion (Euros 847 million) to Angola and an increase of around USD 765 million (Euros 648 million) until the end of the programme," to almost USD 4.5 billion, it noted.

The IMF also states that "the Angolan economy has been hit hard by a multifaceted shock originating in the Covid-19 pandemic and the decline in oil prices.

It welcomes the timely measures taken by the country's authorities to address the challenges, underlining that "they remain firmly committed to the programme.

According to the IMF, this programme "has been implemented in a generally satisfactory way," by the Angolan authorities.

At the conclusion of the third evaluation, the Fund also assessed the authorities' request to increase the loan by USD 765 million, which brings the total to USD 4.4 billion.

The request aims to support the authorities' efforts to control the spread of the Covid-19 pandemic, mitigate its economic impact and make progress in implementing structural reforms.

This Wednesday's meeting in Washington also served to analyse some technical requests from the Angolan authorities, in relation to targets and performance criteria that determine whether or not more funds will be disbursed during the duration of the financial assistance programme, but the changes have not yet been made public.

"The Angolan authorities remain committed to sound policies under the IMF-supported programme, despite the deteriorating external environment due to the Covid-19 pandemic," the IMF said.

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