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The Third Largest Economy in Sub-Saharan Africa Calls for Help

Angola has asked for G20 debt relief and is in advanced stages of talks with some countries importing its oil on adjusting financing facilities, but expects no further debt overhaul to be needed beyond this. The country Africa relies heavily on oil revenues and is saddled with debts that exceed its economic output. It is struggling from the economic fallout of the coronavirus pandemic and an oil price shock that saw crude futures plunge below $20 per barrel in April. Negotiations with oil importers on reprofiling are at “advanced stages” and talks are expected to conclude in the very near future, the ministry said in a statement. It gave no further details. Reprofiling generally entails an extension of maturities, though often without attempting to reduce the principal.