Published: September 28, 2010
IMF releases next tranche of stand-by arrangement funds.
The International Monetary Fund (IMF) has agreed to release another US$353mn from the US$1.32bn stand-by arrangement it agreed with Angola in 2009.
“The Angolan authorities are making progress in implementing their stabilisation and reform programme,” said Murilo Portugal, the IMF’s deputy managing director and acting chair.
“The macroeconomic situation continues to improve and reforms are beginning to bear fruit, but there remains a substantial reform agenda ahead to address remaining macroeconomic difficulties, strengthen macroeconomic management capacity, and limit Angola’s vulnerability to oil price fluctuations.”
Portugal added that the authorities’ plans to reduce the non-oil primary deficit in 2011 is welcome, as are plans to establish a sovereign wealth fund.
Angola has now drawn on about US$882mn from the credit line with the IMF.