Angola receives over US$1 billion from IMF to combat COVID-19

ANGOLA – Angola has received over 1 billion U.S. dollars from the International Monetary Fund (IMF) with immediate access as part of the efforts to combat effects of the COVID-19 pandemic, the country’s Finance Ministry said in a statement.

The assistance is IMF’s response to the call made by the international community on May 18 at the Paris Summit to mobilize a massive aid package to help countries, particularly African countries, address the sanitary crisis, the ministry said.

The allocation will also help the country kickstart a new growth cycle, including greater inclusion of the private sector, the statement added.

The ministry clarified that the present allocation Angola received is not an additional funding within the framework of the current Extended Fund Facility that the country has with the IMF.

In January, the Executive Board of the International Monetary Fund (IMF) approved an immediate disbursement of about (US) US$487.5 million to Angola, bringing total disbursements under the arrangement to about US$3 billion.

The various effects of the COVID-19 pandemic continue to negatively impact Angola’s economy and population. Oil production and prices are still weak, and the social impacts of the crisis are layered.

Despite these ongoing challenges, the Angolan authorities have demonstrated a strong commitment to sound policies under the IMF-supported-arrangement with robust policy responses and strong fiscal adjustments in 2020 enabling the nation to weather the crisis and mitigate their macroeconomic impact while protecting the most vulnerable

Initially approved at $3.7 billion by the IMF Executive Board on December 7, 2018, Angola’s three-year extended arrangement aims to restore external and fiscal sustainability, improve governance, and diversify the economy to promote sustainable, private sector-led economic growth.

Angola has recorded a cumulative 46,076 confirmed cases of the SARS-CoV-2 virus, 1,163 deaths associated with Covid-19. There are currently 2,289 active cases.

The minister of health has said that the government is aiming to ensure that 31% of the country’s population is vaccinated against Covid-19 by the end of September.

The Central African country is implementing a two-stage vaccination plan, and is expected to reach 20% coverage in the first and 29% in the second. so far more than 1.7 million people have been vaccinated.

 

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