The Angolan President is not standing still while oil prices fall around him. Yesterday, President Jose Eduardo dos Santos (facing an early next year) went to China to seek new loans, in a bid to stabilise Angola's massive expenditure spending on infrastructure. The country may seek around $1 billion for infrastructure and homes for the poor over the next four years. Angola's 2009 programme was estimated at a staggering $42bn before the current fall in oil prices (government calculated the budget based on an oil price of $55 per barrel).
Tuesday, 16 December 2008
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I am very sceptical about the economic strategy Angola is pursuing.It seems to be centred around prestigious projects which as we know cannot lift the majority of Angolans out of poverty. I honestly dont see the value of shiny new skyscrapers without a corresponding production sector i.e agriculture and manufacturing. The so called development seems to be concentrated around Luanda, the capital. The rest of the country seems to have been ignored so is the rehabilitation of the country's road network.
ReplyDeleteI think it is much more than that. Some of their approach to agriculture for example has been impressive. But crucially they are combining oil investment with broader diversification within mining and outside mining.
ReplyDeleteIn terms of infrastructure. I agree much is centred around Luanda, but I doubt that is necessarily bad. Development requires an engine, and that is what urbanised centres bring.
Hopefully, Angolans oil will add more value to the people there.
ReplyDelete