Angola: First Review of the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of a Performance Criterion, and Modifications of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Angola
June 19, 2019
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A 36-month Extended Arrangement under the Extended Fund Facility (hereafter the “arrangement”) was approved last December, with access of SDR 2,673 million (361 percent of quota). Lower international oil prices would reduce oil revenues, widen the current account deficit, and stymie growth recovery. The authorities are implementing a proper policy response to the weakened outlook, through a conservative supplementary budget for 2019, alternative sources of cheaper financing, and progress toward a more flexible exchange rate regime.
Subject: External debt, Foreign exchange, Prices, Public debt
Keywords: Arrears, authority, CR, East Africa, expenditure envelope, Global, IMF's Lipton, ISCR, liberalization process, Oil prices, payment order, price, privatization law, reform program, SDR, Southern Africa
Pages:
94
Volume:
2019
DOI:
Issue:
170
Series:
Country Report No. 2019/170
Stock No:
1AGOEA2019001
ISBN:
9781498320481
ISSN:
1934-7685
