Angola Joins Nigeria In Seeking For World Bank Loan

Reports from Reuters reveal that Angola has  also held talks with the World Bank about obtaining a loan to help get through the economic crisis it is facing as a result of the dip in oil prices. According to Reuters, Angola will implement unspecified if it is to secure the nod of the World Bank.

The World Bank and other institutions like the International Monetary Fund have recommended that Nigeria and Angola devalue their currencies which both trade officially at a huge premiums to the secondary market.

Just like Nigeria, the World Bank may require that Nigeria devalues, removes subsidy on petroleum products as well as relax on some of its trade policies that restrict flow of imports into the country. Angola may also need to undergo some political reforms if it is to secure the loans.