Angola to Seek IMF Aid to Cope with Looming Financial Crisis

Angola will turn to the International Monetary Fund for a bailout to help cope with the oil-price rout that has hit its economy hard, joining a growing list of commodity-dependent African economies seeking assistance from the institution to weather the adverse economic climate, The Wall Street Journal reported. The announcement represents an about-face for a government that had previously rejected the idea of seeking IMF assistance and ends months of speculation over how the West African country will cope with a looming financial crisis on the back of record-low oil prices. The move could also have consequences for Portugal, one of the eurozone’s most fragile economies whose companies have invested heavily in Angola in recent years amid an economic crisis at home. Portugal itself requested a three-year bailout from the IMF and European Union peers exactly five years ago. Angola, a former Portuguese colony, is Portugal’s fourth-largest export market. Read more. (Subscription required.)