Angolan economy fell into chaos

and the Angolan economy fell into chaos. Although the repayment terms of some of the Chinese loans are unknown, many are reportedly linked to the price of oil. The drop in the price of oil means more oil is needed to repay the debt. Angola had to export more oil to China, its largest creditor, than it had before. After expanding its foreign currency borrowing, Angola’s cash flow rapidly deteriorated, and in 2016 it began asking for assistance from the IMF. Angola discussed the condition of accepting reforms to restore its public finances in exchange for receiving financial assistance from the IMF. Furthermore, during the same period, production peaked in most of Angola’s onshore oil fields. Since then, the amount of oil extracted gradually declined. Angola owed China more than $40 billion and was running สล็อต เว็บตรง