IMF to discuss financial support with Angola

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The International Monetary Fund (IMF) says it would begin talks with Angola over providing financial support after the oil producing country’s economic growth was weaker than expected this year.

Angola’s Finance Ministry said it had sought financial support from the IMF but did not provide further detail on how much money was involved.

“We expect to initiate programme discussions with the Angolan authorities as soon as feasible,” Deputy Managing Director of the IMF Tao Zhang said in a statement which confirmed the Fund had received a letter from the Angolan authorities to start talks.

The request came after the IMF was invited to Luanda in October to negotiate the programme, which would last for two years and then be extendable for one more.

“The IMF stands ready to help the authorities address Angola’s economic challenges by supporting their economic policies and reforms based on the government’s macroeconomic stabilisation programme and in the national development plan for 2018–22,” Zhang said.

The IMF expects the country’s economy to grow 2.2 percent this year, well below an original government forecast of 4.9 percent.

President João Lourenço, who took over last September after 38 years of rule by José Eduardo dos Santos, has said he wants to bring about an economic miracle in Angola by opening up to foreign investment and diversifying away from oil.

Peace PIAK