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IMF and Angola to negotiate loan | IMF and Angola to negotiate loan |
(about 23 hours later) | |
The International Monetary Fund (IMF) and Angola have agreed to begin talks on a loan to help the African country cope with the global economic slowdown. | The International Monetary Fund (IMF) and Angola have agreed to begin talks on a loan to help the African country cope with the global economic slowdown. |
The IMF said it had been assessing the economy and talking to officials, and negotiations would start next month. | |
Angola, one of Africa's largest oil producers, has been hit by the fall in the price of oil since last year. | Angola, one of Africa's largest oil producers, has been hit by the fall in the price of oil since last year. |
Angola's relations with the IMF have been strained since its lengthy civil war ended in 2002. | |
Loan talks between the two were broken off in 2007. | Loan talks between the two were broken off in 2007. |
'Unprecedented' measures | 'Unprecedented' measures |
Lamin Leigh, the IMF mission chief for Angola, said fund representatives would return to the country next month "to conduct programme negotiations with a view to pave the way for the IMF to help Angola weather the impact of the global slowdown on its economy". | Lamin Leigh, the IMF mission chief for Angola, said fund representatives would return to the country next month "to conduct programme negotiations with a view to pave the way for the IMF to help Angola weather the impact of the global slowdown on its economy". |
Last week, the IMF said it would take "unprecedented" measures to help poor countries cope with the downturn. | Last week, the IMF said it would take "unprecedented" measures to help poor countries cope with the downturn. |
It said it would boost lending by up to $17bn (£10.2bn) between now and 2014, and suspend interest on some loans to low-income countries until 2011. | It said it would boost lending by up to $17bn (£10.2bn) between now and 2014, and suspend interest on some loans to low-income countries until 2011. |
Last month, the IMF agreed a $2.5bn loan with Sri Lanka and a $600m loan with Ghana. | Last month, the IMF agreed a $2.5bn loan with Sri Lanka and a $600m loan with Ghana. |
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