Good information general reading Angola heavily reliant on...

Good information general reading

Angola heavily reliant on Chinese funds

From Financial times

Angola is using an unusual deal with China to relieve a debt crunch in Africa’s second-biggest oil producer by unlocking cash from a Chinese-controlled account to pay interest on a crucial loan, its finance minister said



Chinese creditors had granted Angola a three-year moratorium on its debt payments after the coronavirus pandemic. But the resumption of those payments in 2023 exacerbated a sharp economic downturn in Angola’s economy and hit its currency, the kwanza. Angola had been required to continue other payments such as on US dollar bonds throughout the pandemic. Angola owes about $17bn to China — just over one-third of its total debt — mostly in the form of loans backed by oil. The nation is Beijing’s biggest borrower on the continent.


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