| Angola, Africa’s second-largest oil producer, is seeking to raise up to $10bn from foreign creditors as it attempts to push ahead with key infrastructure projects in the face of severe headwinds triggered by the collapse in crude prices. The southern African nation has slashed its budget for the year by a quarter, or about $15bn, after revising expenditure and halving its assumptions for oil price to $40 a barrel.
José Filomeno dos Santos, son of veteran president, José Eduardo dos Santos, and head of a $5bn sovereign wealth fund, adds: “Obviously there is a sense of worry?.?.?.?.?[but there is] much more calm and more stability than we experienced in 2009. “We believe this situation will be managed much more smoothly.”...........................................Full Article: Source
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