Economics
Angola to Hold Talks on IMF Loan as Oil Prices Sting Economy
- Reliance on crude a risk to public finances, government says
- Negotiations on loan facility to start at IMF spring meetings
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Angola plans to start talks with the International Monetary Fund about a loan to help the oil-producing economy cope with the slide in oil.
State revenue in Africa’s second-biggest producer of the commodity has plunged due to the weakening of crude prices since mid-2014, while the kwanza has declined almost 18 percent against the dollar this year. With the government relying on the oil industry for about 95 percent of export income, economic growth slowed to 3.5 percent last year from 6.8 percent in 2013, according to the IMF.