HomeMagazine2016March 2016, Vol. 243, No. 3Angola Could Be OPEC’s First Member To Fall

March 2016, Vol. 243, No. 3

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Angola Could Be OPEC’s First Member To Fall

OPEC-member Angola, which is dependent on oil for 95 percent of its export revenues, is facing an urgent cash flow problem, and the only way out is external help as the dominoes start to fall. Angola has sought financial aid from the International Monetary Fund (IMF) to weather the crisis engulfing the African nation due to low oil prices, while President José Eduardo dos Santos has gone as far as to dip into the country’s sovereign wealth fund just to pay civil servant salaries. The Finance ministry said in a statement: “The government of Angola is aware that the high reliance on the oil sector represents a vulnerability to the public finances and the economy more broadly. The government

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