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Angola Gets Some Badly-Needed “Breathing Space” From China on Debt Repayments

File image of Chinese President Xi Jinping and Angola's President Joao Lourenco during a welcome ceremony outside the Great Hall of the People in Beijing on October 9, 2018. GREG BAKER / AFP

Chinese creditors have reportedly agreed to grant Angola a three-year debt repayment moratorium, according to the West African country’s finance minister Vera Daves de Sousa.

Angola is by far China’s largest borrower in Africa with an estimated $20 billion of outstanding loans from the China Development Bank, China Exim Bank, and ICBC among others. The country’s economy has been badly wounded by the COVID-19-induced economic downturn and the accompanying drop in global oil prices that made it all but impossible for Angola to service its debts.

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