The Executive Board of the International Monetary Fund (IMF) today approved a request by Angola to extend the country’s Stand-By Arrangement (SBA) until March 30, 2012, to allow time for the sixth and final review. The decision was taken on a lapse of time basis.¹ The 27-month arrangement, approved in November 2009, had been scheduled to expire on February 22, 2012 (see Press Release No. 09/425).

The SBA provides financing in an amount equivalent to SDR 858.9 million (about US$1.34 billion), of which SDR 773.01 million (about US$1.2 billion) has been disbursed to date. The final disbursement, equivalent to SDR 85.89 million (about US$133.6 million) would become available on completion of the sixth review, which the Executive Board is now expected to consider in late March 2012.

¹ The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.