IMF approves $1 billion for Angola amid Covid-19 downturn

The logo of the International Monetary Fund (IMF). Credit: Reuters

The International Monetary Fund on Wednesday said it had approved a $1 billion loan for Angola as its economy struggles with the Covid-19 downturn and global drop in crude prices.

The new funds bring to $2.5 billion the total disbursed by the Washington-based crisis lender's Extended Fund Facility to the southern African nation, the IMF said in a statement.