DECLINING OIL REVENUE
IMF ready to start bail-out talks as Angolan economic growth slows
The IMF said on Tuesday it will begin talks with Angola over providing financial support after the oil producing country’s economic growth is weaker than expected in 2018. Africa’s second-largest oil producer has been hit by lower oil prices, which have caused a dollar liquidity squeeze. This has made it difficult for foreign firms to repatriate profits and has discouraged many from investing. Angola’s finance ministry said on Monday it has sought financial support from the IMF but did not provide further details on how much money would be involved. "We expect to initiate programme discussions with the Angolan authorities as soon as feasible," deputy MD of the IMF Tao Zhang said in a statement, which confirmed the fund has received a letter from the Angolan authorities to start talks. The request came after the IMF was invited to Luanda in October to negotiate the programme, which will last for two years and then be extendable for one more. "The IMF stands ready to help the authorit...
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