Angola seeks IMF assistance in wake of oil price dropApril 7, 2016 - 11:47 AMT PanARMENIAN.Net - Oil exporting Angola has asked the International Monetary Fund (IMF) for financial assistance, BBC News reports. A Finance Ministry statement said the government would work with the IMF to improve economic and financial stability. The IMF said it is ready to work with Angola to tackle the country's economic challenges. Discussions are expected to begin next week during the IMF's Spring meetings in Washington. Angola's economy is heavily dependent on oil. It accounts for more than 95% of export earnings and more than two-thirds of government revenue. International crude oil prices are now less than half the level they reached in mid-2014. Inevitably countries such as Angola where the oil industry dominates the economy have been hit hard. Angola's finance ministry suggests there has been significant diversification already. It says the share of oil in total economic activity has declined since the mid-1980s - markedly so according to its figures. The non-oil sector has gone from 40% of the economy then to just below 70% now. But there is no question oil is still central and it dominates exports and the government finances. In the short term, efforts to diversify the economy would focus on agriculture, fisheries and mining, the finance ministry said. Related links: Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |