Angola Cuts 2016 Spending by 20%

Angola, facing economic and political pressures, has cut spending under its 2016 budget by 20% and is reassuring international investors it can cope with persistently low oil prices, Finance Minister Armando Manuel said Monday, The Wall Street Journal reported. Mr. Manuel said the surprise announcement Friday by President José Eduardo dos Santos to step down in 2018 shouldn’t concern the country’s foreign investors, and is part of “a normal process.” Mr. dos Santos has governed the Atlantic coast nation since 1979 and didn’t lay out a succession plan for the next leader of his party. Angola is expected to hold its next presidential election in 2017. “We are not talking about changes in regime itself, we are talking succession of one person. It’s a democratic country and this is what we expect,” Mr. Manuel said in an interview after speaking at a London conference Monday. He said the ruling party, the MPLA, would handle succession issues. Read more. (Subscription required.)
Location