Angola set up development bank against IMF advice

afrol News , 10 April - When the Angolan government last month inaugurated its Development Bank, which is to receive up to five percent of Angola's oil revenues, this was against the strong advice of the International Monetary Fund (IMF). Alarmed by poor transparency in the Angolan economy, the IMF warned the Bank would only "promote inefficiency and moral hazard."

By staff writer

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