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Article

11 Jul 2012

Author:
Human Rights Watch

Angola: IMF Should Insist on Audit - Projects Financed by State Oil Company Require Close Scrutiny

The International Monetary Fund (IMF) should insist that Angola’s government explain how it spent more than US$41.8 billion in unaccounted oil revenues from 2007 to 2011, Human Rights Watch, Open Society Initiative of Southern Africa (OSISA)-Angola and the Revenue Watch Institute said in a letter to the IMF released today...The three organizations called for an independent audit of the spending, which Angolan authorities mostly attribute to...the state oil company, Sonangol...“Angola’s government said it would account for and rein in Sonangol’s opaque and off-budget spending...but that hasn’t happened,” said Arvind Ganesan, business and human rights director at Human Rights Watch.