London Angola has secured three years of payment relief from Chinese creditors and expects to get more than $700m in its next tranche of International Monetary Fund (IMF) financing in the coming days, its finance minister said on Monday.
Africa’s second-largest oil exporter has been seeking payment relief as it strives to overcome the hit from the coronavirus pandemic, heavy debt service requirements and volatility in the oil sector.
Angola owes more than $20bn to a number of Chinese entities, including $14.5bn to the China Development Bank and nearly $5bn to the Export-Import Bank of China. It has also borrowed from China’s largest lender, ICBC, according to analysts’ calculations.
We’ve got three years of breathing space and we w…