WASHINGTON: Angola said it had asked the International Monetary Fund for help after the crash in oil prices ravaged government finances.

The IMF said discussions would begin next week in Washington on what could be a three-year support plan for the government.

“The sharp decline in oil prices since mid-2014 represents a major challenge for oil exporters, especially for those economies that have yet to become more diversified,” the Fund said in a statement.

“The IMF stands ready to help Angola address the economic challenges it is currently facing by supporting a comprehensive policy package to accelerate the diversification of the economy, while safeguarding macroeconomic and financial stability.” Angola has depended on oil production for 95 percent of its export earnings and more than half of government receipts.

In a statement, the government said it “is aware that the high reliance on the oil sector represents a vulnerability to the public finances and the economy more broadly.”