Raisi wa Angola ametangaza nchi yake kufilisika.soma zaid.

Angola’s President José Eduardo dos
Santos says his country is broke. PHOTO
| AFP
The country relies on crude exports for
two-thirds of tax revenue, and 95 per
cent of its foreign currency receipts.
The leader attributed the situation to
failure of the national oil company
Sonangol to remit cash to the
government.
According to the President the country
is now without money to import goods
since it relies heavily in imports.
Angola is the second-largest producer
of crude oil in Africa and is regularly
cited as one of the continent’s fastest
growing economies.
Angola’s President José Eduardo dos
Santos has confessed that his country is
broke.
The leader attributed the situation to
failure of the national oil company
Sonangol to remit cash to the
government.
Angola is the second-largest producer of
crude oil in Africa and is regularly cited
as one of the continent’s fastest growing
economies.
The country relies on crude exports for
two-thirds of tax revenue, and 95 per cent
of its foreign currency receipts.
Analysts however say the billions of oil
dollars flowing in have not benefited the
ordinary people, and have only succeeded
in to the emergence of an elite few.
The United Nations notes that while the
economy has been growing at more than
7 per cent annually, 38 per cent of its 26
million people Angolans still live in
poverty.
The southern African country has been
managed in an “extremely complicated
environment” due to the lack of foreign
exchange originated by the depression of
the oil price in the international market,
President dos Santos stressed.
The president, who addressed his cabinet
council meeting on Wednesday at the
southern Moxico province also said the
country’s economy is recording just 1 per
cent growth contrary to five and six per
cent in a recent past.
Weaker Kwanza
“This means our economy is decreasing
drastically and since January the
government has not gotten revenues from
Sonangol ...due to the oil depression
price” he added.
According to the President the country is
now without money to import goods since
it relies heavily in imports.
Last week, the International Monetary
Fund (IMF) said the Angolan economy
continues to be severely affected by the
oil price shock experienced in the last
two years.
Economic growth slowed to 3 per cent in
2015 driven by a sharp slowdown in the
non-oil sector.
“Inflation has accelerated and reached
(year-on-year) 29.2 per cent in May 2016,
reflecting a weaker kwanza that has
depreciated over 40 per cent against the
US dollar since September 2014, higher
domestic fuel prices following the
removal of fuel subsidies, and loose
monetary conditions, ” IMF reported.
According to the international lender, the
external current account balance has
moved into deficit, although international
reserves have been protected and remain
at relatively comfortable levels.
Angola is broke, President finally
confesses.source jamii forums