Mr. Min Zhu, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement today:
“We have received a formal request from the Angolan authorities to initiate discussions on an economic program that could be supported by financial assistance from the IMF.
“The sharp decline in oil prices since mid-2014 represents a major challenge for oil exporters, especially for those economies that have yet to become more diversified. The IMF stands ready to help Angola address the economic challenges it is currently facing by supporting a comprehensive policy package to accelerate the diversification of the economy, while safeguarding macroeconomic and financial stability.
“We expect to start discussions with the country’s authorities during the upcoming Spring Meetings in Washington D.C. and in Angola shortly thereafter on an economic program that could be supported by a three-year Extended Fund Facility (EFF).”
