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Vol 51 No 10

Published 14th May 2010


Angola

The IMF makes up with Luanda

Prior to the global financial crisis in 2008, many were questioning the International Monetary Fund’s relevance, especially in African countries which were increasingly turning to the international financial markets to raise funds. For those which secured countertrade deals with China, the IMF was usually unable to compete with the terms on offer. For years, Angola’s government resisted agreement on a financing programme with the IMF on the grounds that it undermined economic sovereignty. IMF demands for budgetary accountability and public financial reporting were particularly irksome.

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