The International Monetary Fund approved the disbursement of $488 million to Angola and reiterated its confidence that Africa’s second-biggest oil producer will rein in public debt to sustainable levels.
The disbursement approved by the executive board comes four months after the Washington-based lender increased the size of the loan by almost a quarter to $4.5 billion to help Angola weather the fallout of the coronavirus pandemic. The three-year Extended Fund Facility, which began in 2018, aims to overhaul the southwest African nation’s economy with reforms to reduce its dependence on oil and lower its debt burden.
