Country: Angola
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Brookings Scholar Yun Sun Provides a Road Map For Chinese Debt Relief in Africa
There's growing anticipation over how China will respond to Africa's calls for debt relief amid the worsening COVID-19 crisis that is ravaging economies across the continent. So far, there have only been a few hints as to how China will proceed, ...
Rebound in Chinese Manufacturing Provides a Small, Badly Needed Boost to African Oil Prices
New data confirming that China's manufacturing sector is slowly coming back to life helped to give a badly needed boost to African commodity and currency prices on Tuesday. China's Purchasing Managers Index, a key metric that measures factory activity, jumped to ...
China’s COVID-19 Donation Spree Picks Up Pace in Africa
China's embassies across Africa are coordinating both public and private donations to local stakeholders battling the spread of COVID-19. The donations appear to be part of a larger Chinese strategy to raise Beijing's profile as a leading provider of humanitarian assistance, particularly to lesser developed countries.
China Bankrolled Massive Borrowing Among Africa’s Major Oil Exporters But What Happens Now That Crude Prices Have Crashed?
Consider that on Thursday, February 20th, the price of a barrel of Angolan Cabinda oil was $62.19. Yesterday, just 26 days later, the price had fallen by almost half to $32.21. Given the fact that this is ...
Angolan Economy Set for COVID-19 Blow
The COVID-19 pandemic is having a severe impact on the global economy, from aviation and tourism to car sales. Already, markets have been upended, with commodities like oil being especially hit. With its economy still reliant on oil exports, Angola’s expectations to end a 4-year recession in ...
Amid Plunging Prices, Africa’s Commodity-backed Debts to China Become Perilous
Over the past 15 years, many African countries borrowed tens of billions of dollars from China to build badly-needed infrastructure. Short of cash, these countries instead leverage their natural resources to repay their debts. Ghanaian bauxite, Angolan oil, and Zambian copper, ...
As Oil Prices Tumble, COVID-19 Rapidly Escalates From a Health Crisis to a Full-Blown Economic Crisis in Africa’s Crude-Exporting Countries
When oil trading started today in Asia, sellers moved quickly to unload their positions prompting a "cataclysmic collapse" that saw prices plunge by a stunning 31%, the single largest price drop in almost 30 years. The sell-off ...
Bloomberg: West African Crude Shipments to China Set to Plunge Next Month by 10 Million Barrels
West African oil exports to China are expected to fall dramatically next month, by as much as 10 million barrels, according to oil traders interviewed by Bloomberg. If this happens (and it is speculation at this point) it would reduce West Africa's monthly volume ...
China Loomed Large Over Pompeo’s Africa Tour, Burying His Message About Enhanced U.S. Engagement
U.S. Secretary of State really seemed like he made a conscientious effort to go out of his to avoid referencing China on his recent three-nation African tour that ended yesterday in Addis Ababa. For years, going all the way back to the days when Hillary Clinton was ...
Maybe Pompeo Avoided Directly Talking About China During His Recent Africa Tour Because There’s Nothing More to Say
On his final stop of a three-nation African tour, U.S. Secretary of State Mike Pompeo was in Addis Ababa on Tuesday, where he held talks with Prime Minister Abiy Ahmed and Foreign Minister Gedu Andargachew, among others. And just as he did in Senegal and Angola,
After Avoiding the Issue in Senegal, China Creeps Back into Pompeo’s Messaging in Angola
U.S. Secretary of State Mike Pompeo wrapped up his visit to Angola, the second stop on a three-nation African tour, where he largely stayed on message promoting U.S. business interests and focusing on anti-corruption issues. But unlike in Senegal where the Secretary avoided any public mention of ...
U.S. Secretary of State Mike Pompeo’s Visit to Africa Is About China, Not Africa
U.S. Secretary of State, Mike Pompeo will make his first trip to sub-Saharan Africa on Saturday. On his first-ever trip to Africa after nearly two years in office, Mr. Pompeo will visit Senegal, Angola, and Ethiopia. Against the backdrop of the ...