IMF Approves Release Of $1 Bn For Angola Amid Covid-19 Downturn
Sumaira FH 4 days ago Thu 17th September 2020 | 01:50 AM
Washington, Sept 16 (UrduPoint / Pakistan Point News - 17th Sep, 2020 ) :The IMF on Wednesday approved release of another $1 billion in lending for Angola as its economy struggles with the Covid-19 downturn and global drop in crude prices.
The new funds bring to $2.5 billion the total disbursed by the Washington-based crisis lender's three-year aid program for the southern African nation, hard hit by the drop in oil prices, the IMF said in a statement.
"The Angolan authorities remain committed to sound policies under the IMF-supported program despite a deteriorated external environment due to the COVID-19 pandemic, including negative impacts on public health, social protection, the budget and public debt," IMF Deputy Managing Director Antoinette Sayeh said in a statement.
"The authorities adopted a conservative supplementary budget for 2020, taking measures to increase non-oil revenue, and reining in non-essential expenditure. Despite the crisis, fiscal consolidation will continue, while creating space for adequate spending on health and social safety nets."