In its bid to battle the COVID-19 pandemic, Angola is to benefit from the International Monetary Fund (IMF) intervention as the executive board of the international organization has announced a disbursement of $487.5 million to the Southern African nation which is suffering from low oil prices due to the coronavirus pandemic.
Making the announcement on Monday, January 11, the IMF said the financial aid is part of a three-year agreement for about $3.7 billion approved on December 7, 2018, under the IMF’s Extended Fund Facility (EFF).
The recent disbursement brings to a total of nearly $3 billion granted in aid to Angola, a country with significant oil and mineral wealth but has a large part of its population living in abject poverty.
Read also: ‘Nigeria on path of growth’, Lawan tells IMF
The three-year plan, according to the IMF in a statement, is “aimed at restoring external and fiscal sustainability, improve governance, and diversify the economy to promote sustainable, private sector-led economic growth.”
The international money lender said the economic shock brought on by the coronavirus pandemic has “continued to impact negatively on Angola’s economy and population, hence the need for the intervention.”
Part of the statement reads:
“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.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
If you are motivated and passionate about building a global society, founded on justice, equity, fairness, transparency, accountability and superior knowledge, kindly consider donating to Ripples Nigeria’s solutions journalism.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: Inside UNILAG’s multi-million naira budgetary abuse and academic discord
The University of Lagos located in Nigeria’s commercial capital, Lagos, has been embroiled in controversies with allegations bothering on misappropriation of...
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...