Luanda: The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, is set to begin a three-day working visit to Angola on November 19. The visit is aimed at strengthening cooperation between the Angolan government and the IMF, a key institution within the Bretton Woods system.
According to Angola Press News Agency, Georgieva's agenda will include meetings with the Angolan Executive, business leaders, and the student community. The discussions will focus on analyzing structural reforms, the investment climate, and policies that support robust economic growth in Angola.
Under the IMF's Extended Financing Facility, which was implemented in Angola from 2018 to 2021, the country received a loan of approximately US$4.4 billion. This package also included technical assistance for the application of the credit.
Georgieva's visit to Luanda comes ahead of the European Union - African Union Summit, which is scheduled for November 24 and 25 in Angola. It also precedes the 20th summit of the G20 Heads of State and Government, which will be held from November 23 to 25 in Johannesburg, South Africa.
During the annual meetings of the World Bank and the IMF held in Washington, D.C., last month, Georgieva highlighted the Poverty Alleviation and Growth Fund (PGRT) as the main instrument for concessional loans to member countries. She also assured support to member countries in managing macroeconomic implications.
Georgieva noted that the IMF's lending activities, focused on economic justice and conditionality, currently cover programs with 43 member countries. Since October, $37 billion has been approved, with nearly $5 billion allocated to nine low-income countries.
She acknowledged the challenges facing the international trade system, emphasizing that the lack of equitable rules has left many people behind. Georgieva mentioned that non-tariff measures, such as import licenses and duties, are being applied, affecting markets and exchange rates.
Currently, 188 of the 191 IMF member countries have avoided retaliatory tariffs. Georgieva estimated that 72% of international trade remains based on the most-favored-nation principle, where countries apply their lowest bilateral rate to all trade processes.
Angola, a member of the IMF since 1989, has been working to consolidate its relationship with the institution through programs aimed at enhancing national accounts management, investment mechanisms, and economic and social growth.
The IMF, alongside the World Bank Group, is tasked with ensuring global financial stability, promoting monetary cooperation, sustainable economic growth, and poverty reduction. It supervises member countries' economies, provides loans in times of crisis, and offers technical guidance on economic and financial policies.
