IMF approves disbursement of $248.15 mln under Angola's credit facility

The International Monetary Fund said its board had completed the first review under Angola's extended arrangement and approved a disbursement of $248.15 million, taking the total of such payments to about $1.24 billion.

"The Angolan authorities have demonstrated a strong commitment to policies under the Fund-supported program," the IMF's first deputy managing director and acting chair, David Lipton, said in a statement. "However, a weakened external environment, notably the heightened volatility in the international price of crude oil, is posing challenges to their reform efforts."