Covid-19 Is Crushing This African Oil Exporter

Stuck midway in reforming its energy sector by chopping down unnecessary assets and optimizing the national NOC’s role vis-à-vis the government, Angola has endured a lot of strain in the coronavirus period. Straddled with foreign debt, the loss of oil revenues which have been making up roughly third of the government’s income, Angola was compelled to seek IMF assistance on keeping its economy afloat, including a rather risky move of suspending all debt service payments from May 01 until the end of the year. Reassessing Angola’s…