Angolan president says country is facing “an extremely complicated scenario”

23 June 2016

Angola is being managed in “an extremely complicated scenario” due to a drop in revenues as a result of reduced oil prices said the country’s President speaking at a meeting of the Economic and Real Economy Commission of the Cabinet.

José Eduardo dos Santos, cited by Angolan news agency Angop, said at the meeting in Luena, capital of Moxico province, that the country had lost 60 percent of its revenues in foreign currency, which would pay for expenses included in the State Budget (OGE).

“The price per barrel of oil on the international market fell, until February, to US$28,” said the President, adding that at that price Angolan state oil company Sonangol could no longer guarantee resources for the state budget.

In his speech the President said that “Angola practically lives off imports, of food, commodities, miscellaneous and specialised goods from foreign suppliers,” and it is therefore necessary to diversify the economy in order to increase domestic production and reduce dependence on foreign products.

The meeting of the Economic and Real Economy Commission included a discussion of a report from the Moxico provincial government on the province’s economic and social situation and another report on the recovery and construction of roads in the region. (macauhub/AO)