Angola not currently negotiating an IMF programme, finance ministry says
12:29 pm Tuesday, November 26th, 2024
LUANDA, Angola (Reuters) – Angola is not in talks with the International Monetary Fund on a new financial assistance programme, its finance ministry said on Tuesday, prompting a slide in its foreign sovereign bonds.
The southern African oil exporter said it had asked the IMF for “a note aimed at updating its technical view on the options for responding to risk scenarios”,
“There are currently no negotiations with the Fund on a possible financial assistance program,” the finance ministry said in a statement.
An IMF spokesperson said it had not received any request for a programme, but maintained a “very close engagement with Angola authorities” on the areas of policy advice and technical assistance.
Angola’s government anticipates a budget deficit of 1.65% of gross domestic product in 2025, slightly higher than this year.
Finance minister Vera Daves de Sousa told Reuters in October that the prospect of lower oil prices was putting pressure on the country, and that Angola was internally examining the possibility of requesting an IMF financing programme.
While Brent crude prices were a little higher at $73.44 per barrel at 1500 GMT, Angola’s dollar bonds fell by as much as 1.3 cents, with the 2048 maturity bidding at 82.41 cents on the dollar.
(Reporting By Miguel Gomes in Luanda. Additional reporting by Rodrigo Campos in New York. Writing by Libby George. Editing by Mark Potter)
