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Chad Uses Cash Cows to Settle its $100m Debt to Angola

The unusual agreement is seen as creating a win-win situation for both nations – Chad is short of cash while Angola needs cattle. More than 1,000 cows arrived by ship in Angola’s capital, Luanda, as the first payment, Jornal de Angola reported. In total, Angola would receive 75,000 cattle over 10 years, meaning it has accepted payment of $1,333 per animal. Chad would send a further 3,500 head of cattle later this month. Chad is described by the World Health Organisation of Animal Health (OIE) as a “livestock farming country par excellence”, with about 94 million head of cattle. Livestock accounts for 30% of Chad’s exports, and is its main source of foreign exchange after oil. Chad had proposed repaying the 2017 debt with cattle, and Angola had agreed because it would help the southern African state rebuild its cattle population in drought-affected areas.

SOURCE: BBC