Africa-Press – Angola. The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, ended her first three-day visit to Angola, where she acknowledged and praised the Angolan government’s efforts to reform its economy and reduce its dependence on oil since 2017.
Given the positive results of these efforts, Georgieva argued that Angola must continue to push forward with reforms at a time when the world is in constant transformation.
“Angola must move forward with structural reforms that promote private-sector growth,” she said.
In a message posted on the IMF’s website, Georgieva acknowledged Angola’s dynamism and suggested ways to strengthen it, such as improving access to capital and allocating public funds effectively.
“Everyone here is thinking about the process of removing harmful subsidies, such as energy subsidies, and how to best protect vulnerable people,” she emphasized.
She concluded by highlighting that Angola’s greatest asset is its youth, who are dynamic and highly motivated to build a better future for their country.
Angola and the IMF have had a relationship marked by cycles of closer ties and enhanced cooperation, mirroring the country’s economic and political evolution since Angola joined the financial institution in 1989.
IMF Loan to Angola
Between 2018 and 2021, the IMF granted Angola a loan of approximately 4.4 billion US dollars under the Extended Fund Facility (EFF) Arrangement, including technical assistance for the application of the loan.
As of July 2024, Angola had repaid approximately 176 million Us dollars of the debt incurred through the EFF. According to the IMF representative in Angola, Victor Lledo, in an interview he gave in 2024, Angola is still expected to pay close to 2.8 billion dollars, or 70 percent of the debt by 2028.
Angola has been a member of the IMF since 1989 and has been strengthening its relationship with the institution in recent years through programs aimed at improving management of national accounts, enhancing investment mechanisms, and promoting economic and social growth.
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