NAIROBI, May 5 (Reuters) – A team of officials from the International Monetary Fund will visit Angola this week, the IMF said, as the country edges closer to a new loan deal with the lender due to pressure following the slide in crude oil prices.
The southern African nation, which is Sub-Saharan Africa’s second-biggest crude oil exporter, had to pay $200 million last month after JPMorgan demanded more security for its Total Return Swap, a loan backed by Angola’s dollar bonds.
The IMF did not immediately provide more details on the mission to Angola and the expected outcomes.
Finance Minister Vera Daves de Sousa told Reuters that the drop in oil prices had made a new loan deal with the IMF more likely, adding that the government was studying the potential full impact on its finances.
(Reporting by Duncan Miriri; Editing by Mark Potter
