Statement by IMF Deputy Managing Director Tao Zhang on Angola

August 21, 2018

Mr. Tao Zhang, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement today:

“We have received a letter from the Angolan authorities for IMF staff to initiate discussions on an economic program that could be supported by the Extended Fund Facility (EFF). [1] “The request follows an IMF staff mission visit in Luanda during August 1-14, 2018 and an initial letter requesting a program to be supported by a Policy Coordination Instrument (PCI).

“The Government of President Lourenço has taken important steps toward improving governance and restoring macroeconomic stability. The IMF stands ready to help the authorities address Angola’s economic challenges by supporting their economic policies and reforms based on the Government’s Macroeconomic Stabilization Program and in the National Development Plan for 2018–22.

“We expect to initiate program discussions with the Angolan authorities as soon as feasible.”

[1] The EFF was established to provide assistance to countries: (i) experiencing serious payments imbalances because of structural impediments; or (ii) characterized by slow growth and an inherently weak balance of payments position. It provides assistance in support of comprehensive programs that include policies of the scope and character required to correct structural imbalances over an extended period.

IMF Communications Department

PRESS OFFICER: Ismaila Dieng

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