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.
SOURCE: ANGOLA
More Stories
Inside the AAI Gala
Malian Basketballers Apologize for Brawl
Experts at the WTO Public Forum Talk Greening SMEs to Harness the Benefits of the AfCFTA
Dealing with Child Marriages on the Continent
Tighter Controls at Uganda’s Borders
The First Statue of an African Displayed in Trafalgar Square
Ramaphosa’s Opponents Want Him Impeached over a Growing Scandal
‘An Organized Attack on Freedoms by the Remnants of the Old Regime’ – Sudanese Lawyer
A Proposed Ban on the Deployment of Kenyan Domestic Workers to Saudi Arabia
Trial of Guinea’s Former President and Others Accused of the 2009 Stadium Massacre Begins
Essential Medical Supplies at Critically Low Levels in Ethiopia’s Conflict Zone
DRC Apes Kidnapped for Ransom