Angola’s Finance Ministry publishes list of debt payments to construction companies

27 August 2010

Luanda, Angola, 27 Aug – Angola’s Finance Ministry has announced payment of US$1.28 billion of a total debt of US$6.8 billion to national and foreign construction companies between 30 April and 20 August.

According to the list published on the ministry’s website, debts were paid to 100 national and foreign construction companies between October 2008 and August 2009.

Debts began to accumulate in 2008 when there was an abrupt drop in oil prices that affected public funds, which are 80 percent dependent on revenues from oil sales.

Last July, the Angolan government announced it would pay off its debts to small and medium-sized companies in the next two months, whilst larger companies would receive 40 percent this year and the remainder within 12 to 24 months. (macauhub)