The International Monetary Fund (IMF) on Wednesday said it would disburse 1 billion dollars to Angola to address the impact of the coronavirus pandemic.
The IMF executive board made the decision after completing a third review of Angola’s three-year economic programme under its Extended Fund Facility approved at the end of 2018, bringing the total disbursements under the arrangement to some 2.5 billion dollars.
“Angola’s economy has been hit hard by a triple, COVID-19-induced external shock.
The shock led to economic and health crises, compounded by the decline in oil prices in view of Angola’s dependence on oil exports,” the IMF said in a statement.
The fund went on to list some “decisive measures” adopted by authorities to tackle the impact of the crisis.