IMF approves disbursement of $248.15 mln under Angola’s credit facility

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IMF approves disbursement of $248.15 mln under Angola’s credit facility

9:00 CAT | 13 Jun 2019

International Monetary Fund Deputy Managing Director David Lipton speaks at a news conference in Tokyo, Japan June 19, 2017. [Photo: Reuters / Kim Kyung-Hoon]

The International Monetary Fund said its board had completed the first review under Angola’s extended arrangement and approved a disbursement of $248.15 million, taking the total of such payments to about $1.24 billion.

“The Angolan authorities have demonstrated strong commitment to policies under the Fund-supported program,” the IMF’s first deputy managing director and acting chair, David Lipton, said in a statement.

“However, a weakened external environment, notably the heightened volatility in the international price of crude oil, is posing challenges to their reform efforts.”

Source: Reuters