Bloomberg News

Human Rights Watch Urges IMF to Withhold Loan Payment to Angola

March 28, 2012

The International Monetary Fund should withhold a final loan payment of $130 million to Angola because of a “discrepancy” in income from oil sales, Human Rights Watch said.

The IMF is doing the final review on the southern African nation’s $1.4 billion loan agreed to in 2009, the New York-based group said yesterday in a statement. The government must account for $32 billion missing from state accounts between 2007 and 2010, it said.

“Angolan authorities need to fully and publicly explain what they did with those billions in taxpayer funds before getting another cent from the IMF,” Human Rights Watch said.

The discrepancies in accounting were because of “insufficient annotation” of oil revenues that weren’t transferred directly to the government by Sonangol EP, the state oil company, according to the government. Angola is Africa’s second-biggest oil producer.

To contact the reporter on this story: Candido Mendes in Luanda at cmendes6@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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