Share

Angolan president heads to China as low oil price bites

Luanda - Angolan President Jose Eduardo dos Santos headed on Monday for his first official visit to China in seven years as his country, which is Africa's second largest oil producer, struggles with falling oil prices.

Dos Santos, who has ruled since 1979, only makes rare trips abroad from the former Portuguese colony, which remains one of the world's poorest countries despite its natural resources.

Dos Santos was invited for a three-day visit to China by President Xi Jinping, reported the government daily Jornal de Angola, adding the stopover would seek to bring a "new impetus" to relations.

Beijing has extended nearly $15bn of credit to Angola since 2004, including help to finance major infrastructure projects such roads, rail lines and even new cities.

Angola draws about 70% of its income from oil, and falling prices have hit government revenue hard.

The country saw a decade of strong growth after the civil war ended in 2002, with development boosted by oil reserves. The government was also courted by China, the United States and Europe.

Dos Santos could seek new credit from Beijing, according to reports in the Portuguese press.

Official figures say that about 54% of Angolans live on less than two dollars a day.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
heading
description
username
Show Comments ()
Voting Booth
Do you think the wardens deployed across Gauteng will make a dent in curbing crime?
Please select an option Oops! Something went wrong, please try again later.
Results
No, proper policing is needed
80% - 2682 votes
Yes, anything will help at this point
20% - 672 votes
Vote
Rand - Dollar
19.69
-0.1%
Rand - Pound
24.43
-0.5%
Rand - Euro
21.13
-0.3%
Rand - Aus dollar
12.83
+0.2%
Rand - Yen
0.14
-0.5%
Platinum
1,019.81
-1.0%
Palladium
1,407.08
-1.6%
Gold
1,959.19
+0.8%
Silver
23.19
+0.1%
Brent Crude
77.07
+0.2%
Top 40
70,921
-0.7%
All Share
75,940
-0.9%
Resource 10
67,062
-1.3%
Industrial 25
105,731
-0.5%
Financial 15
14,358
-1.6%
All JSE data delayed by at least 15 minutes Iress logo
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE