A delegation from the International Monetary Fund (IMF) is set to visit Angola this week as the country moves closer to securing a new loan amid financial strain caused by falling crude oil prices.
Angola, Sub-Saharan Africa’s second-largest oil exporter, recently paid $200 million to JPMorgan, which had requested additional security for a Total Return Swap loan backed by the country’s dollar bonds.
The IMF has not released further details about the visit or its anticipated outcomes. However, Angola’s Finance Minister, Vera Daves de Sousa, told Reuters that the sharp decline in oil prices has increased the likelihood of a new IMF loan deal, and the government is currently assessing the full impact on national finances.
