IMF approves $134.8 mln loan tranche to Angola

Reuters, Thursday 10 Nov 2011

The IMF loan arrangement comes as support for Angola's ruling MPLA government recent financial and monetary reforms


The International Monetary Fund on Wednesday approved a loan disbursement of $134.8 million to Angola under a 27-month standby arrangement agreed in November 2009.

The IMF said it was satisfied with corrective actions taken by Angola to strengthen its oil revenue data and step up scrutiny of oil revenue transfers to the budget.

Angola's ruling MPLA government has long been accused of mismanaging oil revenues and doing little to fight corruption.

The IMF said the government had started producing quarterly budget reports, while state-owned oil companies were publishing audited financial statements.

It also said the Angolan central bank had increased internal controls and completed 2010 audited financial statements, indicating more transparency.

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