Republic of Angola
Development Policy Financing
Chair Summary*
July 16, 2019
The Executive Directors approved a Development Policy Financing operation for the
Republic of Angola for an amount of US$500 million on the terms and conditions set out in the
President's Memorandum. The operation was prepared at a critical point, marked by new leadership
with a focus on inclusive growth and economic diversification.
Directors welcomed the Bank's reengagement with Angola and expressed their support for
the operation and its two pillars: (i) strengthening the macro-financial and institutional
environment; (ii) protecting the poor and vulnerable.
Directors noted that the sequencing of reforms will be critical for the success of the DPF
series and stressed the importance of subsidy reforms and the necessity for a social safety net to
mitigate any potential negative impacts on the poor. They looked forward to the new CPF
discussion and the proposed lending volume.
Directors took note of the political and governance, macroeconomic, institutional capacity
risks associated with the operation. They underscored the importance of political ownership of the
reform agenda and capacity building in implementing key reform areas, with continued efforts to
strengthen private sector development, debt management, anti-corruption measures and the use of
technology.
Directors called for closer coordination with the IMF and the AfDB and asked to keep the
Board informed of the progress of the joint working group with the IMF. They also encouraged the
IFC to play a more proactive role in future.
*This Summary is not an approved record.