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.
World Bank & IMF in the news
This briefing explains how the IMF and World Bank have driven the financialisation of MENA states, and the pervasive negative effects this has had on the region’s societies and economies.
Joint civil society briefing paper highlights concerns with the World Bank’s Evolution Roadmap, and provides a series of recommendations for a Roadmap that prioritises people, participation and the planet over profit and economic growth.