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Country Report Angola Product Image

Country Report Angola

  • Published: September 2014
  • Region: Angola
  • 24 Pages
  • The Economist Intelligence Unit

Angola has offered to write off around half of the US$60m in debt owed to it by Mozambique, understood to relate to oil sales during the 1980s.

The offer was announced at the conclusion of the Bilateral Co-operation Commission meeting, held on August 26th-28th in Luanda, Angola's capital. The meeting, co-chaired by Mozambique's foreign affairs and co-operation minister, Oldemiro Baloi, and Angola's planning minister, Job Graça, was the ninth of its kind, but the first to be held for four years, after a period of seemingly cool relations between the two Portuguese-speaking nations. However, the commission and the debt forgiveness are being hailed as the beginning of a new chapter in the two countries' political and economic relations.

Long one of Africa's poorest countries, Mozambique is now enjoying an economic boom, driven by investment in mining and, more recently, natural gas discoveries. Angola will be keen to share its hydrocarbons and resources expertise with Mozambique. However, although Angola has created strong legislation regarding tax and royalties-and included commendable corporate social responsibility clauses in all contracts-its record on transparency READ MORE >

Country Report Angola

Angola offers debt forgiveness to Mozambique
Impact on the forecast

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