Angola gets $4.5 billion IMF loan

The International Monetary Fund has offered Angola a $4.5 billion loan as it continues to grapple with falling oil prices.

Angola’s economy grew rapidly after the end of its 27-year civil war with oil production fueling a boom in the capital Luanda.

The IMF in a statement said Angola’s outlook for 2016 remained difficult despite an increase of oil prices in recent weeks adding that economic activity will likely decelerate further.

It also said that the country’s GDP growth had slowed to three percent last year and that inflation was at an annualized 26 percent to May.

Angola had asked for the loan when oil prices were lower than the current rate but authorities have however still not confirmed the loan sum.

Between 2009-2012, the IMF gave the country $1.4 billion to help it resolve domestic debts, stabilise its exchange rate and shore up its international reserves.