The International Monetary Fund on Wednesday approved the release of a final loan disbursement to Angola under the country’s $1.4 billion loan agreement made in 2009.The IMF said it would immediately disburse $132.9 million to Angolan authorities and waived performance targets linked to international reserves and central bank credit.Earlier, rights groups wrote to IMF Managing Director Christine Lagarde urging the IMF’s executive board to withhold the final tranche until the Angolan government improved transparency on how it uses public funds. They also urged the government explain a $32 billion discrepancy in public funds thought to be linked to the state oil company, Sonangol.Min Zhu, IMF deputy managing director, said Angola had taken measures to improve its accountability in public spending and oil profit transfers. With technical assistance from the IMF, he said Angola was working on a fiscal framework to improve the management of oil revenues.“Looking ahead, the authorities recognise the need to sustain the reform momentum, continue to improve governance and transparency, and enhance the business environment to lay the foundations for economic diversification and inclusive growth,” Zhu added.Africa’s second-largest oil producer after Nigeria, Angola was forced to turn to the IMF for a loan in 2009 during a balance of payments crisis caused by a slump in crude prices in the second half of the previous year.The IMF has mostly praised Angola’s efforts during the program, especially on monetary policy that has curbed inflation, boosted foreign exchange reserves and kept the kwanza currency stable.
