"According to market consultancy REDD Intelligence, debt to Chinese creditors fell by 351 million dollars in the first quarter of this year to US$21.4 billion, after having remained stable at 22 billion dollars in recent years. two years", reads the English edition of the Chinese newspaper.
The rise in oil prices following Russia's invasion of Ukraine is hurting many economies, but it is helping the country, the second largest oil producer in sub-Saharan Africa, to reduce debt to Chinese creditors.
Angola's revenues rose from 1.4 billion dollars in April this year to 2.1 billion in May, according to government data, and the price of a barrel was above 110 dollars on Friday. on Monday, which is close to double the 57 dollars foreseen in the Budget for this year.
Payments to Chinese creditors began in the first quarter of the year, 18 months ahead of schedule, as the suspension of debt service meant that payments would only resume at the end of the first half of next year.