Angola’s public debt to China fell from US$23.2 billion in 2017 to US$22.8 billion at the end of the first quarter of 2019, a reduction of US$400 million, according to a report by the Centre for Scientific Studies and Research (CEIC) of the Catholic University of Angola, due to be presented next Thursday, in Luanda.
The report, quoted by the Jornal de Angola daily newspaper, also reported that Angola’s bilateral public debt was US$7.6 billion in 2012, peaked at US$23.2 billion at the end of 2017 and is now on a downward trajectory, with a fall of 1.7% over the 15-month period.
The document will be presented during the Angola-China Academic Seminar, organised by CEIC and the Chinese embassy. CEIC researcher Francisco Paulo told the newspaper that one of the characteristics of the public debt to China, usually guaranteed by supplying oil, is the fact that it is being paid.
The document also presents bilateral trade balance figures of US$21 billion in 2018 and US$4.6 billion in the first quarter of this year, with the latter figure below the annual average.
Paulo predicted that if this trend continues for the rest of the year, the value of trade (favourable to Angola, which sends 65% of oil exports to China) should fall in 2019 to slightly over US$18 billion.