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Vol 46 No 23

Published 18th November 2005


Birthday blues

Soaring oil prices pay for some development spending but too much cash still goes missing

Luanda's political and business elite could well afford to celebrate the 30th anniversary of Angola's Independence, on 11 November. They form one of Africa's wealthiest and most extravagant ruling classes and the International Monetary Fund thinks the economy they dominate is set to grow by 14.7 per cent this year and 27.6 per cent next year. Angola, the third largest sub-Saharan economy in dollar terms, after South Africa and Nigeria, wants to shine in regional and continental affairs. All this is because of oil and its present high price. Little of the oil revenue is spent on national development. Much flows through private firms. Some disappears into what bankers call the Bermuda Triangle

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