A delegation from the International Monetary Fund (IMF) will visit Angola this week, the IMF announced, as the country moves closer to securing a new loan deal. The discussions come as Angola grapples with economic pressures, exacerbated by declining crude oil prices.
Angola, Sub-Saharan Africa’s second-largest crude oil exporter, recently made a $200 million payment following a request by JPMorgan for additional security on its Total Return Swap loan, which is backed by Angola’s dollar bonds.
The IMF has yet to release specific details about the mission or its anticipated outcomes.
Finance Minister Vera Daves de Sousa told Reuters that the decline in oil prices had increased the likelihood of reaching a new agreement with the IMF. She also confirmed that the government is assessing the full financial impact of the price drop.
