The IMF has agreed to release $133 million to Angola, despite calls from NGOs for the Fund to withhold the disbursement until the Angolan government accounts for a $32 billion “discrepancy” in its public accounts. In an April open letter to IMF managing director Christine Lagarde, Human Rights Watch and Revenue Watch Institute urged a delay in the disbursement until the government has “clearly and adequately” disclosed the use of the $32 billion, and “implemented key safeguards to combat corruption and mismanagement”. In reply the IMF said that the discrepancies were due to “large quasi-fiscal operations being conducted by [state oil company] Sonangol on behalf of the government”, adding that this practice will be gradually phased out.
IMF and World Bank policies and programmes work in tandem to expand and deepen financialisation, exacerbating the inequality crisis and harming human rights, financial stability and democratic governance
Donate to the Bretton Woods Project
Established in 1995, the Bretton Woods Project (BWP) is a civil society watchdog of the International Monetary Fund and World Bank. By monitoring the work of these institutions, supporting and connecting critical civil society communities, and advocating for transformational change, the Project challenges their power and fights for the development of policies that are gender transformative, equitable, environmentally sustainable and consistent with international human rights norms.