
Angola will host a team from the International Monetary Fund this week
The International Monetary Fund said that a group of its representatives will travel to Angola this week as the nation approaches a new loan agreement with the lender under pressure from the decline in crude oil prices.
Last month, JPMorgan demanded additional collateral for its Total Return Swap, a loan backed by Angola’s dollar bonds, forcing the southern African country—the second-largest crude oil exporter in Sub-Saharan Africa—to pay $200 million.
More information about the mission to Angola and the anticipated results was not immediately made available by the IMF.
The government was researching the possible full impact on its finances, Finance Minister Vera Daves de Sousa told Reuters, adding that the decline in oil prices had increased the likelihood of a new loan agreement with the IMF.
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