Angola mulls slowing fuel subsidy removal after protests - finance minister

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Angola may slow the removal of fuel subsidies to avoid a repeat of protests in June over a near-doubling in petrol prices in which at least five people were killed, the southern African country's finance minister said on Monday.

Angolan Finance Minister Vera Daves De Sousa speaks during an interview with Reuters at the annual meeting of the International Monetary Fund and the World Bank, in Marrakech, Morocco October 9, 2023. REUTERS/Susana Veraover a near-doubling in petrol prices in which at least five people were killed, the southern African country's finance minister said on Monday.

"We are learning the lessons from the first movement , where society reacted with shock," Daves de Sousa said. Economic growth is likely to be just 1.09% this year, down from a forecast of 3.3% in the 2023 budget, due to low oil production meaning the oil sector is shrinking, Daves de Sousa said, adding that the forecast was 1.5% for 2024.

Stabilising oil production will also help Angola's debt position, Daves de Sousa said. About 20% of its debt is collateralised, including 80% of its debt to Chinese lenders, which account for about a third, she said.

 

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