Tag: Angola
Related Posts
Fact Check: Angola is NOT a Good Case Study of Chinese Debt in Africa
The Economist Intelligence Unit's Global Forecasting Director Agathe Demarais characterized China's loan portfolio in Angola as "a good case study" for Beijing's financial engagement across Africa. "Not really," replied Hannah Ryder, CEO of the Beijing-based consultancy Development Reimagined, "it's ...
Growing Concerns China’s Relief Deal Only Postponed Angolan Debt Crisis
When Angolan finance minister Vera Daves de Sousa announced last week that China reached a debt restructuring deal that would give Luanda "three years of breathing space," the markets largely responded favorably. Things started to look up even ...
Angola Gets Some Badly-Needed “Breathing Space” From China on Debt Repayments
Chinese creditors have reportedly agreed to grant Angola a three-year debt repayment moratorium, according to the West African country's finance minister Vera Daves de Sousa. Angola is by far China's largest borrower in Africa with an estimated $20 billion of outstanding loans from the ...
Peking University Professor: Chinese Loan Losses in Asia and Africa Reinforce Painful Lessons Learned in Venezuela
The following is a transcript of a nine-part Twitter thread posted by the prominent China economist Michael Pettis, a professor at Peking University. As I have been writing since 2011, China’s development lending was always likely to follow the ...
Chinese Oil Buying From Saudi Arabia Surges, Likely at Africa’s Expense
Saudi Arabia is emerging as an increasingly important hub on China's Belt and Road Initiative as Beijing turns to the Kingdom for an increasingly large share of its oil procurement. Last year, two-way trade surged 23% year-on-year to $78 billion, and even amid the ...
All This Talk About Vaccines Gives a Desperately-Needed Boost to Two of Africa’s Largest Oil Producing Countries
The prices for Nigerian Bonny Light and Angolan Cabinda crudes have regained some lost ground in November thanks to the Pfizer vaccine news and the U.S. elections. Given that both countries face enormous debt servicing challenges, these higher oil prices will help to replenish government coffers. China ...
With Prices Low Again, China To Go on Another Oil Buying Binge That Will Help Some African Countries More Than Others
China's Ministry of Commerce is going to allow private companies and other "non-state entities" to buy 20% more oil next year in a move that will be enthusiastically welcomed by beleaguered oil-producing states, including many in Africa, currently suffering from persistently low prices. ...
As Eurobond Investors Boo Zambia, They’re Now Cheering For Angola
While Zambia is getting pummeled by investors for signaling that it'll have to delay some Eurobond repayments, Angola is enjoying the opposite following bold reassurances from Osvaldo Joao, the state secretary for finance. "“We will always pay,” he told Bloomberg on Monday. ...
China and the Burgeoning African Debt Crisis
Over the last week we've reached two critical milestones that put the worsening African debt crisis into sharp focus: First, the good news. Angola appears to have reached an agreement with some of its major creditors at the International Monetary Fund ...
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 ...
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 ...