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Angola Says No Negotiations on Possible New IMF Loan Program - BLOOMBERG
(Bloomberg) -- Angola said there are currently no negotiations taking place with the International Monetary Fund about a possible new financial-assistance program. The nation’s eurobonds plunged.
“As part of the preparation of medium-term fiscal projections, the Ministry of Finance requested a note from the IMF that aimed to update its technical vision on response options to risk scenarios,” the Ministry of Finance said in a statement Tuesday.
“This type of request to the IMF is common in the context of technical interactions, and there are currently no negotiations on a possible financial assistance program,” it said.
Jornal de Negocios reported earlier on Tuesday that the IMF was finalizing a loan for Angola that could be valued between $3 billion to $5 billion. The Portuguese newspaper didn’t say where it got the information from.
The nation’s 2032 eurobonds fell 1.32 cents in the dollar to 88.93 cents by 5:18 p.m. in London, driving the yield 27 basis points higher to 11.065%.
In October, Finance Minister Vera Daves de Sousa said Angola and the IMF were discussing options about a possible new program and what type of loan would better fit the oil-producing country’s needs.
(Updates eurobond data in second last paragraph)
