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.
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The Bretton Woods Project is a UK-based NGO that challenges the World Bank and IMF and promotes alternative approaches. We serve as an information provider, watchdog, networker and advocate. Our flagship publications are the Bretton Woods Observer, a quarterly critical review of developments at the World Bank and IMF, the Dispatch, a biannual analysis of the World Bank and IMF Spring and Annual Meetings, and the NewsLens, a bi-weekly roundup of key news and critical viewpoints published about the World Bank and IMF.
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