Ocnus.Net
News Before It's News
About us | Ocnus? |

Front Page 
 
 Africa
 
 Analyses
 
 Business
 
 Dark Side
 
 Defence & Arms
 
 Dysfunctions
 
 Editorial
 
 International
 
 Labour
 
 Light Side
 
 Research
Search

Business Last Updated: Jul 1, 2016 - 1:07:20 PM


IMF says Angola halts financial aid talks
By GlobalPost 30/6/16
Jul 1, 2016 - 1:06:11 PM

Email this article
 Printer friendly page

The International Monetary Fund said Thursday that Angola has suspended talks for financial aid that it had launched in April as the country was grappling with a collapse in oil prices.

In mid-June, an IMF team that had carried out a mission in Angola said the country could receive a maximum of $4.5 billion in loans.

When Angola, the second-largest oil producer in Africa, asked for IMF help in April, oil prices were lower then than they are now as global oversupply fears eased.

“There’s a change,” IMF spokesman Gerry Rice said at a regularly scheduled news conference.

Rice said that the Angolan authorities had “recently” informed the IMF of the government’s desire “to continue policy dialogue with the Fund only within the context of the Article IV consultation,” the annual economic review by the institution, but not involving new loans.

The discussions concerning a possible loan, called an extended fund facility (EFF), “will no longer feature in the IMF staff engagement with the authorities,” he said.

The IMF gave no explanation for the about-face in Angola’s aid request, which could be linked to the recent rebound in oil prices. Still, oil prices remain about 50 percent below their mid-2014 peaks.

Angola’s economy grew rapidly after the end of the 27-year war as oil production fueled a boom in the capital Luanda. The country has depended on oil production for 95 percent of its export earnings and more than half of government receipts.

Angola had IMF financial assistance of $1.4 billion between 2009 and 2012.


Source:Ocnus.net 2016

Top of Page

Business
Latest Headlines
The Geo-Politics of Natural Gas to Europe
Two weeks before ban, EU still imports 15% of crude oil from Russia
The ballooning costs of the Ukraine war
Swedish funds have billions of euros of investor money frozen in Russia
Natural gas imports from Canada continue providing winter reliability to U.S. markets
What do crazy $500,000-per-day rates say about shipping demand?
South Africa’s Ivor Ichikowitz: A ‘philanthropic’ arms dealer?
Prime Time for Tankers as Sanctions Hit Russian Oil
Low ocean shipping rates here to stay as overcapacity looms
Russia’s Defense Industry Growing Increasingly Turbulent