AFKInsider: Opinion – Why IMF Funding Will Be Good For Angola

As you read this in the spring of 2016, the International Monetary Fund and the government of Angola are engaged in talks for a three-year extended loan program. The IMF financing, known as the Extended Fund Facility program, could be as high as $1.5 billion annually with a cumulative total of about $4.5 billion.

Many news stories have called the IMF funding a “bailout” to cushion the impact of the steep drop in oil prices on the Angolan economy. Angola, which produces some 1.6 million barrels a day, is Africa’s second-largest oil producer. But to focus strictly on the negative scenario presented by the need for IMF assistance is merely short-sighted. The IMF financing will open up Angola to a whole host of new opportunities.

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