The Ministry of Finance of the Republic of Angola announced on 16 September that the IMF successfully completed the Third Review of the Extended Fund Facility arrangement for Angola. Under this facility, the Republic of Angola will get access to further disbursements of funds which will help the Angolan authorities to navigate through the current challenging environment caused by the Covid-19 pandemic and continue with important structural reforms designed to improve the economic growth potential of the country as a whole. Lion’s Head Global Partners acts as the International Financial Advisor to the Republic of Angola.
The Board decision allows immediate disbursement of US$ 1bn to Angola and further access throughout the duration of the facility. The IMF Board commended the Angolan government for prompt response to the crisis. Whilst the Angolan economy continues to faces significant challenges, the IMF noted that the government’s continued commitment to conservative fiscal stance, as demonstrated by the adoption of the supplementary budget for 2020 and successful reprofiling of debt service with several large creditors have been instrumental in limiting the impact of the current crisis and allowed to place the Angolan economy on a sustainable footing.
The Board encouraged the Angola authorities to preserve hard-won achievements through continued fiscal restraint and welcomed the government measures to diversify the economy and broaden non-oil revenue potential of the country. The Ministry of Finance is pleased by the positive conclusion of the Third Review, remains fully committed to the Programme and encouraged to progress with the agenda of reforms designed to improve the economic potential of the country and the lives of the Angolan people.