The Executive Board of the International Monetary Fund (IMF) on Wednesday in Washington D.C concluded the sixth review of Angola’s economic programme, supported by the extended arrangement under the Extended Fund Facility (EFF), ending the Article IV consultation with the country.
Following this, the Bretton Woods institution decided on the immediate disbursement of Special Drawing Rights (SDR) 535.1 million (about USD 748 million), bringing total financing under the agreement to SDR 3.2134 billion (about USD 4.5 billion).
In the note on the conclusion of the review, to which Angop had access from its official website, the IMF Executive Board also approved waivers of the non-observance of the performance criterion on the net international reserves of the National Bank of Angola.
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Angola’s extended agreement for three years was approved by the Executive Board on 7 December 2018, in the amount of SDR 2.673 billion (about US$3.7 billion, at the time of approval).
Its aim, according to the document, is to restore external and fiscal sustainability, improve governance and diversify the economy to promote sustainable economic growth led by the private sector.
