Angola: First Review of the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of a Performance Criterion, and Modifications of Performance Criteria, and Financing Assurances Review-Press Release; Staff Repor

First Review of the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of a Performance Criterion, and Modifications of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Angola

Author: International Monetary Fund. African Dept.

First Review of the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of a Performance Criterion, and Modifications of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report

Volume/Issue: Volume 2019 Issue 170

Publication date: June 2019

ISBN: 9781498320481

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Public Finance , ISCR , CR , SDR , authority , price , privatization law , reform program , liberalization process , IMF's Lipton , expenditure envelope , payment order , Oil prices , Arrears , Global , Southern Africa , East Africa

Also of interest

Republic of Congo : 2001 Article IV

Spain

Malawi

Peru

Summary

A 36-month Extended Arrangement under the Extended Fund Facility (hereafter the “arrangement”) was approved last December, with access of SDR 2,673 million (361 percent of quota). Lower international oil prices would reduce oil revenues, widen the current account deficit, and stymie growth recovery. The authorities are implementing a proper policy response to the weakened outlook, through a conservative supplementary budget for 2019, alternative sources of cheaper financing, and progress toward a more flexible exchange rate regime.