IMF recommends $1.3bn Angolan loan
Istanbul, October 3, 2009
The International Monetary Fund is recommending a 27-month $1.3 billion loan programme for Angola, a senior IMF official said on Saturday.
'We are recommending $1.3 billion as the amount under that stand-by agreement,' IMF Director for Africa, Antoinette Sayeh, told reporters at World Bank and IMF meetings in Istanbul.
If approved by the IMF board, a loan agreement of that size would be one of the largest agreed with an African country.
The IMF reached a preliminary loan deal with Angola on September 29 on a standby arrangement but did not specify how much funding would be available to the government.
Angola rivals Nigeria as sub-Saharan Africa's biggest oil producer. Lower oil prices have knocked Angolan government revenues and foreign reserves. The country relies on oil for almost 90 per cent of its income. – TradeArabia News Service