Source: Foreign Policy Blogs | Oct 30, 2018

Angola’s Story of Politically Exposed Persons and Debt Traps (by Fadi A. Haddadin)

The latest move is part of another debt trap through which the new government uses oil-backed loans at high interest rates, yet financed through opaque and unaccountable offshore structures

In its financing attempts that brought the resource-rich country to become indefinitely indebted (https://bit.ly/2OfGvAF) for a long time, the Government of Angola sought a US$15 billion loan from China (https://reut.rs/2IpTl14) (one of many) last May. Just as this latest round of financing commenced, Standard and Poors downgraded Angola’s sovereign credit rating (https://reut.rs/2zcO3i5) to B- due to…