Fund times: Angola, South Africa and the IMF

The Angolan authorities are seeking to expand the country’s IMF programme, which would help to ease balance of payments strains. But it’s far from a done deal as the Fund may require a restructuring to put public debt onto a sustainable footing. Elsewhere, South Africa’s IMF emergency rapid financing deal was approved this week, and the accompanying communications re-affirmed our view that a turn to austerity is on the cards next year, which will act as a brake on the recovery.