Angolan Government Cuts Spending by 50% as Oil Revenue Plunges
An oil tanker waiting in a queue of traffic outside the Port of Luanda in Luanda, Angola.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
The government of Angola, sub-Saharan Africa’s second-largest crude producer, cut spending by half this year following a plunge in oil prices, Vice President Manuel Vicente said.
Public investment was reduced by 53 percent, Vicente told lawmakers in a state-of-the-nation address on Thursday in the capital, Luanda. He delivered the speech in the absence of President Jose Eduardo dos Santos, 73, who was “indisposed,” according to parliamentary Speaker Fernando da Piedade Dias dos Santos.