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Sovereign Wealth Funds Briefing - Categorized | Financials

IMF to disburse $353 mln to Angola after review

Posted on 28 September 2010

From Bloomberg: The International Monetary Fund approved a $353 million disbursement to Angola as part of a $1.3 billion loan. “Plans to establish a sovereign wealth fund are welcome, given the need to smooth the spending of oil revenues over time,”IMF Deputy Managing Director Murilo Portugal said.
Angola sought relief from the IMF last year amid a global economic crisis that had pushed down the price of oil to $32.70 a barrel in January 2009. Oil accounts for about 95 percent of the sub-Saharan country’s export revenue and about 60 percent of its gross domestic product……………………………………….Full Article: Source


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