Published: April 2, 2012
Fund makes final US$133mn payment under 27-month stand-by arrangement.
The IMF has approved Angola’s final payment from a US$1.33bn stand-by arrangement struck in 2009.
The payment of about US$ 132.9mn came after the 27-month programme was extended to allow the fund to complete its sixth and final review of the country’s performance.
Min Zhu, deputy managing director and acting chair, said the Angolan authorities should be commended for restoring macroeconomic stability. “They undertook a significant fiscal adjustment, settled large domestic arrears, rebuilt foreign reserves, stabilised the exchange rate, and reduced inflation,” he said.
Zhu added that the government must now be prepared to continue with such initiatives. “Looking ahead, the authorities recognize the need to sustain the reform momentum, continue to improve governance and transparency, and enhance the business environment to lay the foundations for economic diversification and inclusive growth,” he said.