The International Monetary Fund (IMF) yesterday said it would give out the sum of 1 billion dollars to Angola to tackle the impact of the coronavirus pandemic.
The decision was made by the IMF executive board after completing a third review of Angola’s three-year economic programme under its Extended Fund Facility approved at the end of 2018, bringing the total disbursements under the arrangement to some 2.5 billion dollars.
The IMF in a statement said: “Angola’s economy has been hit hard by a triple, COVID-19-induced external shock. The shock led to economic and health crises, compounded by the decline in oil prices in view of Angola’s dependence on oil exports,” and listed some “decisive measures” adopted by authorities to tackle the impact of the crisis.
In the words of the board’s Deputy Managing Director and Acting Chair, Antoinette Sayeh, said; “pursuing structural reforms is critical to diversify the economy and lay the foundations for private sector-led economic growth.
“The government will need to remain steadfast in enhancing the business environment, strengthening governance, and fighting corruption.”
The IMF had in late June said that economies in sub-Saharan Africa were projected to contract by 3.2 per cent due to the pandemic, with growth expected to recover to 3.4 per cent in 2021, assuming that the health crisis would subside and lockdowns ease further in the second half of 2020. In the region’s largest economies, Angola, Nigeria and South Africa, gross domestic product was projected to return to pre-crisis levels only by 2023 or 2024.