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IMF conducts first post-financing evaluation

The International Monetary Fund (IMF) said Wednesday it will make the first post-financing assessment of Angola, worth USD4.5 billion.

This will be at the First IMF monitoring mission. The institution concluded on December 22, 2021 the sixth and final evaluation of the Expanded Financing Programme.

The post-financing monitoring programme allows the IMF to monitor the evolution of the country’s macroeconomic policies and the potential risks that impact on Angola’s capacity to receive its internal and external commitments.

This first Mission, expected to gather representatives from various ministerial departments, will be led by IMF senior official, Amadou Sy.

Also expected to attend the meeting are representatives from the State Asset Management Institute (IGAPE), the General Tax Administration (AGT),

the Ministries of Economy and Planning (MEP), Mineral Resources, Oil and Gas (MIREMPET).

Representatives of the National Bank of Angola (BNA), the National Agency for Petroleum, Gas and Biofuels (ANPG) Sonangol, the Petroleum

Derivatives Regulatory Institute (IRDP), as well as other private entities or entities regulated by private legislation, such as BPC and Económico banks, will also attend the event.

The Financing Programme was approved by the Board of Executive Directors of the IMF on December 7, 2018, with a duration of 3 years.

Initially, it provided for a financial package of Special Drawing Rights (SDR) equivalent to around US$3.7 billion.

The IMF approved an increase in access of 72% of the quota as an emergency funds, raising the cumulative access from 361% to 433% of the quota, at the request of Angolan Executive, due to Covid-19 pandemic.

The move aimed at strengthening the country in the fight against the pandemic and mitigating its health, economic and social effects, as well as ensuring the implementation of the lost reforms that were being developed.

The IMF granted Angola a corresponding disbursement of Special Drawing Rights equivalent to approximately US$765 million.

The initial funding was raised from US$3.7 billion to US$4.5 billion.

Source: Angola Press News Agency (APNA)