Africa’s second-largest oil exporter Angola has received approval from the International Monetary Fund for a disbursement of over $480 million under a $3.7-billion loan agreement as it continues to struggle with low oil prices and weak exports. Reuters quoted the international lender as praising for its “robust” response to the twin challenge of low oil prices and the coronavirus pandemic, noting that the Angolan authorities “remain resolutely committed to the program.” The West African country last year unveiled a new investment strategy aiming to ramp up its oil production, despite the pandemic, seeking to tap as much as 57 billion barrels in undiscovered oil reserves. Angola’s oil production has been declining since 2008, when it hit a peak of close to 2 million bpd. Last year’s average production rate has been forecast at 1.28 million bpd, set to decline further due to the natural depletion of the country’s oilfields. […]