Director of International Monetary Fund Africa, Ricardo Velloso, said on March 3, that oil-producing nations would struggle to get funding from the international debt market due to oil price’s sharp plunge. “In the current environment, it is difficult for oil exporters to borrow money in the international market,” said Velloso during a visit in Angola.

Many African oil producers including Nigeria, DR Congo, and Ghana recently said they plan to issue some Eurobonds in 2016.

IMF said on February 3 that sub-Sahara African nations that strongly depend on oil exports could not avoid fiscal adjustments as a result of plunge in oil price. About three weeks later, the institution announced in a special report, it plans to implement a “safety net” to help commodities-exporting nations hit by price fall, mentioning “new financial mechanisms”.

Oil prices fell by about 70% since June 2014, cutting substantial sources of revenues in various African countries. The loss is so significant that it led Nigeria and Angola, which are respectively Africa’s first and second leading oil producer, to start discussions with World Bank over credit lines which they plan to use to plug budget deficit.