The International Monetary Fund’s (IMF) executive board has approved the disbursement of $487.5m to Angola as a financial assistance to the country.

The financial support, approved on Monday, is part of a 3-year agreement of $3.7 billion(the value then) agreed on December 7th 2018 under the IMD’s Extended Fund Facility (EFF).

IMF disclosed that the 3-year plan “aims to restore external and fiscal sustainability, improve governance, and diversify the economy to promote sustainable, private sector-led economic growth.”

It also stated that the economic blow brought on by the coronavirus pandemic “continues to negatively impact Angola’s economy and population.

“Oil production and prices remain weak, and the health and social impacts of the pandemic continue to be felt.

“The authorities achieved a prudent fiscal adjustment in 2020 that included non-oil revenue gains and restraint in non-essential expenditure, while preserving essential spending on health and social safety nets,” the agency added.