Angola’s President Jose’ Eduardo has confessed that his country is broke. He attributed the situation to failure of the national oil company to remit cash to the government.
Angola is the second-largest crude oil producer in Africa and the country relies on crude exports for two-thirds of its tax revenues and 95 per cent of its foreign currency exchange.
According to the United Nations, 38 per cent of the 26 million Angolans still live in poverty despite the country’s economic growth of more than 7 per cent annually.
While addressing the Cabinet council meeting on Wednesday June 22, 2016, President Eduardo said that the country’s economy is recording just 1 per cent growth contrary to five and six per cent in a recent past.
According to him the country is now without money to import goods since it heavily relies in imports.