{Angola asked China for a moratorium of two years or more on repaying loans, as the southwest African nation struggles to cope with the slump in oil prices.}<\/p>\n
President Jose Eduardo dos Santos made the request during his visit to Beijing, state-run news agency Angop reported on Thursday. He also asked to obtain new credit lines and extend existing ones, the agency said, without giving details.<\/p>\n
China is Angola\u2019s largest trade partner, buying about half of the OPEC member\u2019s crude production, which was 1.78 million barrels a day in May. Chinese state banks are funding projects such as a new airport for the capital, Luanda, and railways and roads.<\/p>\n
Angola, sub-Saharan Africa\u2019s third-largest economy, may seek to borrow $25 billion this year, government documents show. Credit from countries such as China and Brazil may comprise most of the $10 billion in external financing that it\u2019s seeking.<\/p>\n
To absorb the impact of the oil shock, Angola has cut its initial 2015 budget by a quarter and almost doubled retail petrol prices to eliminate fuel subsidies.<\/p>\n
The government also wants to boost ties with China in technology transfer, industry, agriculture and training, dos Santos said, according to Angop.<\/p>\n
{{Bloomberg}}<\/p>\n","protected":false},"excerpt":{"rendered":"
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