Press Release: Statement by IMF Deputy Managing Director Min Zhu on Angola
IMF News, April 6, 2016
Source details
- Canonical URL
- Press Release: Statement by IMF Deputy Managing Director Min Zhu on Angola
Other formats
Bibliographic details
- Published: April 6, 2016
Summary
- Press Release No. 16/155
- Date: April 6, 2016
- Issued by: IMF COMMUNICATIONS DEPARTMENT, Media Relations
- Key message: The Angolan authorities have formally requested IMF discussions on an economic program that could be supported by financial assistance.
Context and Rationale
- "The sharp decline in oil prices since mid-2014 represents a major challenge for oil exporters, especially for those economies that have yet to become more diversified."
- Angola faces economic challenges linked to the decline in oil prices and the need to accelerate diversification while safeguarding macroeconomic and financial stability.
IMF response and proposed program
- The IMF "stands ready to help Angola address the economic challenges it is currently facing by supporting a comprehensive policy package to accelerate the diversification of the economy, while safeguarding macroeconomic and financial stability."
- The IMF expects to start discussions on an economic program that could be supported by a "three-year Extended Fund Facility (EFF)."
Next steps and timeline
- "We expect to start discussions with the country’s authorities during the upcoming Spring Meetings in Washington D.C. and in Angola shortly thereafter on an economic program that could be supported by a three-year Extended Fund Facility (EFF)."
Contact information
- Media Relations E-mail: media@imf.org
- Phone: 202-623-7100
Source: Press Release No. 16/155 (April 6, 2016), IMF Communications Department.