Angola will receive $6.2 billion in debt flow relief over the next three years thanks to agreements lined up with three of its major creditors, the International Monetary Fund (IMF) said in a report released on Monday.

On Friday, Angola said it was close to striking debt agreements with a number of Chinese banks and government agencies.

The African oil exporter has buckled under a rising debt burden following a sharp decline in crude prices and amid the economic fallout from the coronavirus pandemic.

“Although debt is sustainable, significant vulnerabilities remain,” the IMF said in its report, declining to name the creditors. “Debt dynamics are highly sensitive to further oil-price volatility.”