News & Analysis: Angola
“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.”
“Deepening economic integration to boost intra-African trade requires an equal investment in public health structures.”
“China’s share of bilateral debt owed by the world’s poorest countries to members of the G20 has risen from 45 percent in 2015 to 63 percent last year, according to the World Bank. For many countries in sub-Saharan Africa, China’s share of bilateral debt is larger still.”
“As more African countries have looked to China for financing and technical support to rapidly boost infrastructural development, there have been loud musings about the scale of China’s lending to African countries as well as the Asian giant’s motives.”
“COVID-19 has upended healthcare systems and derailed non-COVID-19 related treatments. Facing this, traditional and religious leaders, as well as community health workers, are playing a pivotal role.”
“Governments across the continent are beginning to shift responsibility for public health on to companies and individuals as they seek to restart their economies after months of disruption.”
“The government of Angola recently approved a prudent supplementary budget for 2020 using a conservative oil reference price. It has also introduced a comprehensive set of fiscal and monetary measures to support economic activities.”
“The Executive Board of the IMF today completed the third review of Angola’s economic program supported by an extended arrangement under the Extended Fund Facility. Completion of this review unlocks access to SDR 731.7 million (about US$1 billion), bringing total disbursements under the extended arrangement to SDR 1,804.7 million.”
“As COVID-19 began to sweep across the planet earlier this year, countries on the African continent rushed to follow the lead of rich nations that were visibly struggling to cope with pandemic. Many closed borders, shut businesses and locked down citizens. Such actions won praise from global health bodies. Yet were blunt lockdowns really the right approach in Africa?”
“A high risk of default has been priced into African bonds. The warning signs have been clear for everyone to see. The pandemic brought the day of reckoning forward.”
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