The banksters are moving into Angola.
The country will turn to the International Monetary Fund for a bailout to help cope with the oil-price rout that has hit its economy hard, reports The Australian.
Capital Economics estimates the size of Angola’s bailout could be hefty, as the country’s financing requirements this year could amount to $US8 billion or 9 per cent of gross domestic product.
As the oil price has fallen, Angola's income from exports has crashed. Oil shipments account for 95 per cent of export earnings and more than half of government revenue.
No doubt, the bailout will come with many strings attached. Somehow, the people of Angola will get squeezed even more than they already are. Nearly half of the nation’s 24 million people survive on less than $US1.25 a day.
Meanwhile, the daughter of Angolan President Jose Eduardo dos Santos, Isabel dos Santos, is believed to Africa's richest women.
Countries largely dependent on commodity sales for global revenue can be extremely oppressive as the people of the country are not required to be efficient or productive for the leaders to lead a spectacular lifestyle.
-RW
This is not the IMF's fault. It is irresponsible government by Angola.
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