Angola’s debt to China fell by US$351 million in the first quarter of this year to US$21.4 billion, according to consultancy REDD Intelligence, cited by the South China Morning Post newspaper.
“According to market consultancy REDD Intelligence, debt to Chinese creditors fell by US$351 million [331 million euros] in the first quarter of this year to US$21.4 billion [20.2 billion euros], after remaining stable at US$22 billion [20.7 billion euros] over the last two years,” the English edition of the Chinese newspaper reported.
The rise in oil prices, following Russia’s invasion of Ukraine, is hurting many economies but is helping the African Portuguese-speaking country, the second-largest oil producer in sub-Saharan Africa, to reduce its debt to Chinese creditors.
Angola’s revenues rose from US$1.4 billion [1.3 billion euros] in April of this year to US$2.1 billion [€1.9 billion] in May, according to government figures, and the price of a barrel of oil was over US$110 on Friday, which is almost double the US$57 projected in this year’s state budget.
Payments to Chinese creditors began in the first quarter of the year, 18 months ahead of schedule, as the suspension of debt service had meant that payments would only begin again at the end of the first half of next year.