Angola: IMF reaches deal with Angola on next loan tranche

The International Monetary Fund said it had reached a staff-level agreement with Angolan authorities that could lead to the release of $136 million in funding to the African oil producer. IMF mission chief to Angola Mauro Mecagni said in a statement the disbursement of the next tranche under Angola's $1.4 billion loan agreement first needed the approval of the IMF's board. Some $1.25 billion has been disbursed to date. Mecagni said there had been 'considerable progress' by Angola in implementing agreed economic measures following a 2009 fiscal and balance of payments crises.