The IMF will return in October to Angola for regular queries – Jornal de Negócios – Portugal

A delegation of the International Monetary Fund (IMF) will return to Angola in the second half of October, in the framework of the regular consultations of the institution, and after the Government have retreated in the request for assistance that was submitted in April.

according To an information of the Government, Angola has participated in between 4 and 9 October at the annual meetings of the IMF and the World Bank, and the 18th to the 31st of October take place in Luanda the usual meetings with the mission of the fund, pursuant to article IV (regular monitoring) of the institution.

After these consultations, the IMF issues typically recommendations on the financial management and economic governance of the country.

The Ministry of Finance of angola has confirmed July 11 that the Government rejected a financial support from the IMF, in the framework of the assistance request requested officially in April – to a programme of funding enlarged, justifying at the time the decision with the rise in the price of oil.

“in the light of recent economic performance and access to sufficient funding, Angola is not going to ask for funding to the IMF. Angola will continue its technical assistance programme with the IMF,” he said at the time, the Ministry of Finance, adding that the talks with the representatives of that body are still only in October.

The Ministry of Finance further explained that the request for assistance (Extended Fund Facility – EFF) of the IMF was made at a time when the price of a barrel of crude oil has reached “very low levels”, even at 28 dollars in January, when currently around 50 dollars.

“The recent changes in the international oil market have brought prospects more optimistic about the price of oil, taking into account the recent recovery. This scenario guarantees the Government a greater fiscal balance,” reads the statement from the Ministry of Finance, which confirms the abandonment of the possibility of financial support from the IMF.

However, he adds, the angolan Government “remains strongly committed” with the implementation of a structural reform in the country.

The financial support from the IMF could reach up to us $ 4.5 billion in three years.

The 14 of June, at the end of the technical meetings that took place in Luanda, the head of the IMF mission, the brazilian economist Ricardo Velloso, revealed that the Fund was waiting for the angolan Government to say whether to keep your request for financial assistance, made at a time when the price of a barrel of oil was lower.

Since then, Angola has already approved a revision of the General Budget of the State and the minister of Finance, Armando Manuel, who has called for the support of the IMF, has been replaced in the post by Archer Hose.