Angola seeks debt-restructuring deal with China as oil revenue slumps

Angola pioneered the concept of oil-backed loans as an easy way to access Chinese funding for infrastructure development projects, but every time the price of the fuel slumps, the southern African nation suffers.The continent’s second-largest oil exporter owes billions of dollars of debt to Beijing, some of which it repays in the form of shipments to China’s state-owned oil firms.Angola has been badly hit by the coronavirus-driven oil rout, which saw Brent crude prices drop to their lowest…

Read the original article at South China Morning Post