For Angola, Plunging Oil Price Jeopardises Budget

Luanda (AFP) - With oil prices collapsing over 50 percent in the past six months, Angola -- Africa's second-largest oil producer -- has had to introduce austerity measures and overhaul its budget to deal with a severe drop in expected revenue."We will go through a difficult time now because the government cannot afford to implement the budget they had adopted for the year," said Jose de Oliviera, an independent consultant in the oil sector.Angola draws about 70 percent of its income from its oil resources.

Topics:  luanda afp     with    africa   oliviera   today   president jose eduardo   october    risk    "there   elias isaac   open society foundation   celso   malavoloneke   china   united states   europe   carlos rosado   expansao   malavoleneke   angola   jose   santos   dos santos   the   budget   oil price   country   percent   government   civil   war   services   adopted   problems   economic   drop   plunged   social   time   deal   years   year   hit   reserves   late   economy   public   bigger   

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Business News