has invested heavily in Angola

China has invested heavily in Angola since the end of the civil war in 2002. Initially, Angola sought national reconstruction funds from the International Monetary Fund (IMF). However, negotiations between Angola and the IMF stalled due to the lack of transparency in Angola’s finances, especially the balance of payments of the National Oil Corporation, which had supported Angola’s postwar economy. China intervened and lent a hand. In 2004, the Angolan government signed a US$2 billion loan agreement with China, which triggered a massive increase in oil production and the start of Angola’s rapid economic growth. The Angolan government turned to relying on China.5 สล็อตเว็บตรง