Washington - The International Monetary Fund has approved the immediate disbursement of $772 million to Angola as part of a three-year arrangement signed in 2018 to reform its economy.

It was the final tranche of a $3.7 billion facility granted to the southern African nation to improve governance and diversify its economy to promote sustainable, private sector-led economic growth, the Fund said in a statement.

The Fund’s board also approved an extension of the country’s debt service moratorium until the end of December 2021.

With the Covid-19 pandemic, the IMF had also authorized a credit increase of $765 million to help Angolan authorities fight the disease.

“Angola is transitioning to a gradual recovery from the Covid-19 shock amid higher global oil prices, low levels of reported Covid-19 infections and the start of a vaccination campaign,” the IMF said.

“The effects of the pandemic continue to be felt across the economy and society, however.”

The board also approved Angola’s request to change performance criteria as part of its three-year program.