ANGOLA Finance Issue dated 08/05/2020

Unrepaid Dos Santos era loans risk becoming an economic fragmentation bomb

Former President José Eduardo dos Santos created the public company Recredit in 2016 to take care of the toxic claims of the PCB.
Former President José Eduardo dos Santos created the public company Recredit in 2016 to take care of the toxic claims of the PCB. ©Herculano Coroado Bumba/Reuters
Choked as it is by the fall in oil prices, Angola is already dangerously exposed to the risk of being unable to reimburse its private debt. Its finances have been complicated by another problem, however. The advantageous and as yet not clearly quantified loans granted by the BPC during the Dos Santos era are imposing a burden on the budget of the State. [...] (927 words)
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