Flash Note

Dear subscriber [name],

We are sending our most recent Flash Note.

Highlights:

On September 16, the IMF approved the EFF Program 3rd review, following a postponement of the decision, initially scheduled for July 30;
The approval resulted in a disbursement of USD 1000 million, 369 of which are part of an increase in the total IMF loan amount, by 739 million;
According to the IMF, Angola reached an agreement to “substantially” ease its debt service obligations with two large creditors, while negotiations with a third large creditor failed: payments to that creditor will be rescheduled under the G20 Debt Service Suspension Initiative (DSSI);
Although the Fund anticipates a 4.0% drop in GDP for 2020, there are alternative indicators that point to a more serious scenario;
These suspended debt repayments, together with extra funds made available by different multilaterals, will prevent an even harsher fiscal consolidation process.

Best regards,
BFA

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