Angola Plans 25% Cut in Budget as Oil Revenue Set to Plunge

Angolan President Jose Eduardo dos Santos said oil revenue in this year’s budget will plunge by almost half, forcing Africa’s second-largest crude producer to cut spending.

Projected oil revenue will decline to cover 37 percent of spending needs, down from 70 percent last year, Dos Santos said in an e-mailed statement on Wednesday. The Finance Ministry plans to cut expenditure by 25 percent to 5.4 trillion kwanzas ($51 billion) in a revised budget that’s set to be approved this month, it said on Feb. 7.