COVID-19: IMF disburses $487.5m aid to Angola

The International Monetary Fund has given a financial aid in the sum of $487.5 million to Angola, which is suffering from low oil prices due to the coronavirus pandemic.

The financial aid is part of a three-year agreement for about $3.7 billion (the value at the time) that was approved on December 7, 2018 under the IMF’s Extended Fund Facility (EFF).

As a result, the oil rich southwestern African country has received an estimated sum of $3 billion from IMF.

The three-year plan “aims to restore external and fiscal sustainability, improve governance, and diversify the economy to promote sustainable, private sector-led economic growth,” the IMF said in a statement.

The Washington-based lender noted that the economic shock brought on by the coronavirus pandemic “continues to negatively impact Angola’s economy and population.

“Oil production and prices remain weak, and the health and social impacts of the pandemic continue to be felt,” the group said.

Loading

LEAVE A REPLY

Please enter your comment!
Please enter your name here