Angola is seeking around $4.5bn in concessionary loans from the IMF, to deepen economic reforms and ease over-reliance on oil-backed loans from China. The government has made the approach to the IMF, which is likely to result in its first loans to sub-Saharan Africa’s second-largest oil and gas exporter since 2008. Declining crude production has forced Luanda to seek soft loans to cover growing budget deficits and uncertain economic growth. An IMF loan — known as the Extended Fund Facility — is also expected to help the government in raising additional credit facilities in international capital markets.
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