IMF says board approves $487.5 mln disbursement to Angola

The International Monetary Fund said on Monday its executive board approved a disbursement to Angola of about $487.5 million after completing a fourth review of the African oil exporter's $3.7 billion loan program.

The Fund said that the COVID-19 pandemic continues to impact Angola's economy and population, while oil production and prices remain weak.

But it said that Angolan authorities "have maintained a robust policy response in the face of these challenges and remain resolutely committed to the program," noting the December passage of a 2021 budget that includes non-oil revenue gains and restraints on non-essential expenditures.