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Article

27 Oct 2005

Author:
John Reed, Financial Times

Angola to join corruption fight after IMF deal

Angola plans to join a UK-led effort to fight corruption in resource-rich countries after securing a new agreement with the International Monetary Fund, according to the country's finance minister... If so, the move would represent a victory for campaigners urging Angola's government to manage its large oil and diamond reserves more responsibly."I hope it's true - we'll wait and see," said Sarah Wykes, a campaigner with Global Witness... Because of its mineral wealth, Angola presents a delicate case for foreign partners seeking to promote better governance... France's Calyon [part of Crédit Agricole] is lead-managing a $2bn syndicated loan to state oil company Sonangol, backed by oil shipments to the trading arm of China's Sinopec.