The International Monetary Fund’s had approved the disbursement of $487.5 million to Angola

The International Monetary Fund’s executive board announced Monday it had approved the disbursement of $487.5 million to Angola, which is suffering from low oil prices due to the coronavirus pandemic.

The financial aid is part of a three-year agreement for about $3.7 billion (the value at the time) that was approved on December 7, 2018 under the IMF’s Extended Fund Facility (EFF).

The EFF provides for longer IMF support for a program, as well as longer repayment terms for loans.

Monday’s disbursement brings the IMF to a total of nearly $3 billion granted in aid to the southwestern African country, which has significant oil and mineral wealth, but a large part of its population lives in poverty.

The three-year plan “aims to restore external and fiscal sustainability, improve governance, and diversify the economy to promote sustainable, private sector-led economic growth,” the IMF said in a statement.