The additional $800 million could be approved in the next review of Angola’s $3.7 billion loan program that’s expected to be completed at the end of July, or in the following review, State Secretary for Finance and Treasury Dr. Osvaldo João said Monday in a webcast.
“If the board of the IMF approved the additional tranche, we would be very happy and it would help manage our finances in the times ahead,” said Dr. Osvaldo João. “We believe we will be successful.”
In 2018, the IMF had a total of $4.5 billion available for Angola when it approved a three-year extended arrangement. At the time the southern African nation was advised, including by the IMF, to seek a lower amount so that it could increase the value of its program in case it was necessary, according to the State Secretary for Finance and Treasury.
Angola, which depends on oil for more than 90% of its export revenue, is facing a prolonged recession triggered by a drop in crude prices and measures to contain the coronavirus Covid-19 outbreak.
The government is also currently in talks with key creditors to reschedule debt payments.
Source: Bloomberg
