Angola: Paris Club reopens export credit after Angola pays off debt

6 December 2007

Paris, France, 6 Dec – The Paris Club said Wednesday that member countries could once again provide export loans to Angola now that remaining debts are being paid off by the country to the organizations creditors.

In a statement published on its website, the creditors of the Paris Club “welcome the official commitment by the government of Angola to pay off its outstanding instalments,” and applaud Luanda for its decision.

“This formal commitment by Angola,” they said, “allows the Paris Club creditors to normalize their economic and financial relationship,” with the African country.

“The Paris Club creditors that wish to do so will take up export credit activities once again.”

In March Angola announced it had paid off almost its entire US$2.3 billion debt to the Paris Club, and that it would still have to pay US$800 million in late payment interest.

The Angolan Council of Ministers approved by law, on November 29, the payment of interest, and thus “conditions for re-establishing relations between Angola and the international financial community,” were in place. (macauhub)