The Angolan government is seeking to increase its loan from the International Monetary Fund (IMF) by $800 million to mitigate the current economic crisis induced by the drop in oil prices.
If approved, the reform loan would increase from $3.7 billion to $4.5 billion. According to State Secretary for Finance and Treasury Osvaldo Joao, the issuance of the loan the reform loan is expected by the end of July.
As Africa’s second largest oil exporter, Angola relies on oil for 90% of its export revenue. In addition to IMF assistance, the country has implored the G20 to suspend servicing its bilateral debt under the G20 Debt Service Suspension Initiative, which could provide much-needed debt relief assistance.