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Angola plans to abandon practice of paying debts with oil, says president

March 27, 12:54 UTC+3 LUANDA
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LUANDA, March 27. /TASS/. Angola plans to abandon the practice of providing oil as collateral for credit lines it received from other states, in particular, from China, Brazil and Israel, Angolan President Joao Lourenco told TASS.

"The volume (of oil supplies) has been high over the last years because Angola received a state-to-state credit from China for the construction of roads, bridges and so on. The volume of oil we exported to China was equal to the level of our debt to China," the President said.

He stressed that the previously established system of settlements with China is outdated, and Angola intends to change it.

"This will happen not only with China but also with other two countries we have a similar way of payment with. These countries are namely Brazil and Israel. We want to stop this type of payment where we receive credit lines and the collateral is oil. We are going to stop using oil as the main collateral for the debts," he said.

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