The International Monetary Fund (IMF) on June 14 said it has issued a principle agreement for a $4.5 billion loan to Angola to help it face oil price crisis.

“Angola can receive a maximum USD 4.5 billion (4.0 billion euros)... The loan can be repaid in less than 10 years,” said Ricardo Velloso, head of IMF’s delegation to Luanda, during a two-week visit.

“The government of Angola asked for the loan when oil prices were lower than the current rate. It will now have to confirm the loan sum,” Velloso said.

Angola’s economy grew rapidly since the end of civil war in 2002. However, falling oil prices have led to the degradation of the country’s public accounts and weakening of kwanza, its currency.

Oil contributes to 40% of Angola’s GDP, close to 70% of tax earnings, and more than 95% of its exports earning.

Velloso also said that outlook for 2016 remains difficult, highlighting the need to “adjust economic policies so that the national economy adapts to the present oil market environment”. He also told Angolan authorities to allow the private sector to pull economic growth and create an environment that favors investment more, while boosting efficiency and transparency in public expenditures.