Public Management

Angola: IMF approves financial extension of credit facility, grants $1bln

Angola: IMF approves financial extension of credit facility, grants $1bln
Thursday, 17 September 2020 17:01

The International Monetary Fund (IMF) has approved an increase in financing for Angola under the Extended Fund Facility (EFF) agreement, which was concluded at the end of 2018.

Initially agreed on at an amount of $3.7 billion, the total EFF financing for Angola will be increased by about $765 million. In addition to the initial objective of restoring external and fiscal sustainability, improving governance, and diversifying the economy, this increase will support the Angolan authorities' efforts at controlling the spread of the covid-19 pandemic, to mitigate its economic impact and pursue the implementation of structural reforms.

“Angola’s economy has been hit hard by a triple COVID-19-induced external shock. The shock led to economic and health crises, compounded by the decline in oil prices given Angola’s dependence on oil exports. In response, the authorities have adopted decisive measures to tackle the impact of the shock, and they remain strongly committed to the program, including the fight against corruption,” the IMF said.

In addition to this financial extension of the EFF, the IMF approved the disbursement of $1 billion to Angola. This brings total disbursements under the EFF to $2.5 billion.

Moutiou Adjibi Nourou

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Burkina Faso has created Yennenga Holding to centralize state stakes in banks and a reinsurer. The new entity will manage holdings in BCB, BADF,...
Chinaplans to remove tariffs on imports from African countries starting May 1, 2026. Analysts say more industrialized African economies could...
CEMAC prices fall 0.4% in Q4 2025, ending five-year rise Inflation stood at 2.8%, below region’s 3% threshold Sharpest price declines recorded in...
International Finance Corporation approved a senior loan of up to €50 million ($58 million) to Société Générale Sénégal to expand financing for...
Most Read
01

Ethio Telecom has signed a new agreement with Ericsson to expand and modernize its telecom netwo...

Ethiopia’s State-Owned Telco Teams Up With Ericsson to Expand and Upgrade Its Network
02

EIB commits over €1 billion for renewable energy in sub-Saharan Africa Funding supports Miss...

EIB Commits €1 Billion to Renewable Energy Under Africa’s “Mission 300” Initiative
03

MTN Zambia tests Starlink satellite service connecting phones directly from space Direct-to...

Satellite direct-to-device telecoms: promise, momentum and hard limits
04

Since its 2019 IPO, Airtel Africa paid Deloitte over $37 million in audit and non-audit fees,...

Airtel Africa and Deloitte: A Seven-Year Relationship, $37 Million in Fees and a Planned Handover
05

Nigeria introduced a 1% flat tax on the turnover of informal-sector businesses under a new presump...

Nigeria Rolls Out 1% Tax on Informal Businesses Under New Fiscal Framework
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.