IMF impressed with Angola’s quick reaction

Visitors are silhouetted against the logo of the International Monetary Fund (IMF) in Tokyo

The International Monetary Fund is impressed with the quick reaction of the Angolan authorities to low oil prices, according to the head of the IMF’s mission to Angola, Ricardo Velloso, speaking after a meeting with the Angolan economic authorities, including the Ministers of Finance, Economic Planning and Territorial Development, Trade and the governor of the National Bank of Angola.

Ricardo Velloso declared that the meetings purpose was to  “exchange ideas on the current macroeconomic scenario that Angola is going through”. A broader meeting will be held in July or August.

The Ministry of Finance said in a statement that this mission was part of Article IV of the IMF Articles of Agreement, which provides for regular assessments of the economic policies of Member States to “determine whether they are compatible with the stability of the international monetary system.”

The delegation, which will remain in Luanda until next Saturday, February 21, will review the implementation of the Angolan government’s economic policies, “focusing on recent updates in order to get an overview of developments in the oil and financial sectors.”

This is the fourth visit by IMF staff to Angola in less than a year, at a time when the Angolan General State Budget is undergoing a review process driven by the sharp drop in international oil prices. (Source: MacauHub).

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