Statement by IMF Deputy Managing Director Tao Zhang on Angola

WASHINGTON D.C., United States of America– Statement by International Monetary Fund (IMF) Deputy Managing Director Tao Zhang on Angola:

Mr. Tao Zhang, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement on April 19, 2018:

“We have received a letter from the Angolan authorities for IMF staff to initiate discussions on an economic program that could be supported by the Policy Coordination Instrument (PCI).

“The Government of President Lourenço has taken important steps toward improving governance and restoring macroeconomic stability. The IMF stands ready to help Angola address its economic challenges by supporting a comprehensive policy package to improve governance, accelerate the diversification of the economy, and promote inclusive growth while restoring macroeconomic stability and safeguarding financial stability.

“We expect to start preparations for program discussions with the Angolan authorities shortly after the discussions on the 2018 Article IV consultation are concluded by the IMF Executive Board.”

The PCI is a non-financing tool open to all members of the IMF that do not need IMF financial resources at the time of approval and do not have overdue financial obligations to the IMF. It is designed for countries seeking to demonstrate commitment to a reform agenda and/or to unlock and coordinate financing from other official creditors or private investors. Although the PCI involves no use of IMF resources, policies supported under the instrument are required to meet the same standard as those required under a standard IMF loan.

Source: APO