• Angola economy, currency has suffered from drop in oil prices
  • IMF completed a mission to Angola earlier this month

Angola said it no longer wants to continue talks with the International Monetary Fund about a loan to help the oil producer cope with a slide in prices, IMF spokesman Gerry Rice said.

Angolan President Jose Eduardo dos Santos has said that his government only wants to continue dialogue on the IMF’s annual assessments of the Angolan economy, Rice said at the fund’s regular press conference in Washington.

The IMF mission chief to Angola, Ricardo Velloso, completed a two-week visit to Angola earlier this month after the country’s Finance Ministry on April 6 said it was seeking support to “complement the already steadfast response to the decline in oil prices.”

State revenue in Africa’s second-biggest producer of the commodity has plunged and the kwanza has declined against the dollar due to the weakening of crude prices since mid-2014. Angola’s government relies on the oil industry for about 95 percent of export income.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE