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Angola - Economic Management Technical Assistance Project : restructuring : Main report (Inglês)

The Economic Management Technical Assistance Project (EMTA) supports Government of Angola (GoA) efforts to improve efficiency and transparency of public resource management, by improving the institutional framework and building capacity in relevant public institutions to articulate and implement public investment and financial policies and processes. The recipient had initially requested an extension of another 12 months but, upon consultation with the country management unit has agreed, in principle, to a shorter extension of two months so that the project can be restructured. Under the restructuring the undisbursed funds will be canceled and reallocated to another well performing project in the country portfolio. If this request for extension is granted, the accumulative extensions will add up to a total of 38 months, which includes a first extension of 24 months granted on May 28, 2007 and a second extension of 12 months granted on December 22, 2009. With this extension, the total life of the project will be 8 years. The Borrower has reaffirmed its commitment to the project activities and the willingness to restructure the project and request the cancellation of undisbursed credit funds of approximately US$ 4 million in order to allow the consolidation of the country portfolio, with the understanding that cancelled undisbursed funds will be reallocated to another well performing project in the country portfolio which will need additional financing as part of its own restructuring. The implementing entities are in full compliance with the Bank's financial management requirements, and there are no overdue audit reports and interim financial report from these entities.

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