The International Monetary Fund (IMF) has completed the fourth review of Angola’s economic programme supported by an extended arrangement under the Extended Fund Facility (EFF).
According to the international lender’s executive Board’s decision, the move allows for an immediate disbursement of SDR 338.5 million (about $487.5 million), bringing total disbursements under the arrangement to SDR 2,143.2 m (about $3 billion).
Angola’s three-year extended arrangement was approved by the Executive Board on December 7, 2018, in the amount of SDR 2.673 billion (about $3.7 billion at the time of approval). It aims to restore external and fiscal sustainability, improve governance, and diversify the economy to promote sustainable, private sector-led economic growth.
At the time of the third review, the Executive Board also approved the authorities’ request for an augmentation of access of SDR 540 million (about $765 million at the time of approval) to support the authorities’ efforts to mitigate the impact of Covid-19 and sustain structural reform implementation.