Country: Angola
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China-Angola Debt Restructuring Deal Close Says Senior Official
The Angolan government is reportedly close to finalizing a deal with Chinese creditors to restructure the $20.1 billion of debts that Luanda owes Beijing, according to an unnamed senior government official quoted by Reuters. This is one of ...
The IMF’s New $1 Billion Loan Package for Angola Shows Just How Little We Know About What’s Going on Behind the Scenes
The International Monetary Fund's Executive Board said on Wednesday that it will immediate disburse $1 billion to Angola to help ease the country's worsening financial crisis. What's surprising about the announcement is that until now, the IMF had indicated that it wanted to wait until ...
How China’s Evolving Energy Mix Will Impact Its Foreign Policy in Africa
Since 2008, China has been gradually shifting its oil procurement strategy away from Africa towards producers in the Middle East and the Persian Gulf. Today, Angola is the only African country in China's list of top ten suppliers. Security is ...
Angola Gets a Brief Debt Repayment Holiday From Wealthy Creditors, but Still No Word on What China’s Going To Do
The Paris Club of wealthy creditor states announced a breakthrough in debt repayment talks with Angola, providing Luanda debt service relief through the end of the year. According to a statement published by the Paris Club on ...
FT Article Sparks a Lot of Excitement About Chinese Debt Restructuring Deals But Details Still Remain Sparse
An FT story published over the weekend injected a burst of rare optimism into the African debt relief discussion. The article by U.S.-based Markets Correspondent Camilla Hodgson reported on last Tuesday's remarks by Chinese foreign ministry spokesman Zhao Lijian that Beijing had reached debt relief ...
The Political Ramifications of China’s Reduced Appetite for African Oil
News that two of China's largest oil companies, Sinopec and CNPC, are going to scale down their presence in South Sudan provides the latest evidence of China's waning appetite for African oil. This isn't a new phenomenon. In fact, ...
Africa Debt Relief Update With Bloomberg’s Alonso Soto
Seven months into the worsening African debt crisis and still there's no prospect for any meaningful relief in sight. The situation grows even direr by the day as more countries struggle to pay for rising healthcare costs brought on by the ...
Reminder: Africa Doesn’t Have a Chinese Debt Problem, About 10 African Countries Do
The South China Morning Post's Inkstone team published a brief analysis today showcasing data from the China-Africa Research Initiative (CARI) at Johns Hopkins University. It provides a fresh reminder that the Chinese debt crisis in Africa is confined to a relatively small number of countries. ...
15-Years Ago Three African Countries Were Among China’s Top Oil Suppliers, Today Only One’s Left
Amid the ongoing discussions surrounding African debt restructuring and the proposed multibillion-dollar China-Iran comprehensive partnership agreement, China's oil procurement is a through-line that binds some of these disparate issues together. After all, Angola accounts for approximately a third of ...
The Impact of the COVID-19 Pandemic on Infrastructure Development in Africa
By Emmanuel Amoah-Darkwah and Ricardo Reboredo Africa has not been spared from the economic crisis triggered by the COVID-19 pandemic. The International Monetary Fund (IMF) is projecting -3.2% GDP growth in Sub-Saharan Africa, while the World Bank also projects GDP growth ...
South Africa FM: Debt is the Hippo Eating the Next Generation’s Inheritance
South African Finance Minister Tito Mboweni issued a dire warning to the parliament on Wednesday about the country's debt crisis. With South Africa's debt-to-GDP levels breaking new records this year and forecast to grow to 82% in the next few months, Minister Mboweni compared the debt ...
Once Angola Renegotiates its Debts, There May Not be Much Money Left Over For Anything Else
Nathan Hayes, an Africa analyst at the Economist Intelligence Unit in London, highlights Angola's dilemma in the ongoing talks to restructure its debts. With the price of oil so low due to the global economic slowdown brought on by the COVID-19 outbreak, pretty much the only choice ...