Zambia and Angola are set to
Back in 2012, Zambia’s investment promotion agency said that a Zambia-registered company was planning on building a
Zambia is still interested in the project as it seeks to offset soaring fuel prices after removing fuel subsidies, energy minister David Mabumba said at a press conference, according to Xinhua.
Oil-rich Angola has long been the
In recent months, however, Angola has become Africa’s top producer following numerous militant attacks on Nigeria’s oil infrastructure. According to OPEC’s September output figures, Nigeria’s crude oil production rate
In a wake-up call to African commodity exporters, last week the International Monetary Fund (IMF)
Most exporters of commodities are under “severe economic strain”, with oil exporters hit the worst as the price shocks are spreading to the entire economy, Abebe Aemro Selassie, Director of IMF’s African Department, said.
“Given the scale and persistent nature of the shock, and as existing buffers have been exhausted, a comprehensive three-pronged adjustment effort is needed urgently: Strong fiscal adjustment, enhanced social protection policies, and structural reforms to facilitate competitiveness and diversification,” Selassie said in IMF’s statement.
By Tsvetana Paraskova for Oilprice.com
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