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IMF considers billion dollar Angola loan

IMF considers billion dollar Angola loan

LUANDA – The International Monetary Fund is considering a 27-month US$1,4 billion loan to Angola and should announce a decision soon, a fund spokesman said on Monday.

‘The board of the IMF is considering the loan and should soon reach a decision,’ IMF spokesman Andreas Adriano told Reuters. He added that the board of the IMF was currently meeting and should reach a decision later on Monday.If approved, the loan would be one of the largest agreed with an African country. A senior IMF director said on October 3 that the IMF was recommending a US$1,3 billion loan program for Angola to its board. IMF deputy managing director Takatoshi Kato commended Angolan authorities ‘for their strong commitment to a comprehensive reform programme that addresses the macroeconomic imbalances which emerged in the face of the global economic crisis.’’The authorities are committed to take further steps to improve fiscal management over the medium-term, increase non-oil revenues by reforming the tax system, and de-link the fiscal stance from short-term movements in oil revenues,’ Kato added.- Nampa-Reuters

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