The International Monetary Fund has reached a preliminary deal with Angola that could lead to significant loans to help the African nation cope with a global economic downturn and lower oil prices, the IMF said on Tuesday. In a statement, IMF mission chief Lamin Leigh said the programme was designed to alleviate immediate liquidity pressures and Angola's Economy Minister Manuel Nunes Junior added that the deal would bolster the country's credibility.
Angola, which rivals Nigeria as sub-Saharn Africa's biggest oil producer, has been hit by the global slowdown and lower oil prices - from last year's highs - have knocked government revenue and foreign reserves. "The programme aims to alleviate immediate liquidity pressures, boost market confidence, and restore a sustainable macroeconomic position," Leigh told reporters, adding that one of the goals of the programme was to increase transparency in Angola. "The contribution from the IMF will be significant. But we have to work out all of these details, subsequent from our mission we have to finalise these details given the large financing needs from Angola."
Comments
Comments are closed.