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Vol 3 (AAC) No 10

Published 1st August 2010


Luanda's oil lifeline

Economic relations between Luanda and Beijing are getting even closer as Angola struggles with mounting debts while China becomes more dependent on Angolan oil. In mid-August, Finance Minister Carlos Alberto Lopes submitted a revised 2010 budget to Parliament with smaller spending targets, reduced growth predictions (from 9.7% to 6.7%) and warnings about debt rising by US$3.2 billion to $31.5 bn.

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