HomeEconomyAngolan President replaces Finance minister as economy struggles

Angolan President replaces Finance minister as economy struggles

ANGOLAN President Jose Eduardo dos Santos dismissed Armando Manuel as finance minister of Africa’s biggest oil producer, state-owned news agency Angop reported, citing a presidential statement.

Manuel, who was appointed in 2013 before crude prices began to fall to their lowest level in more than a decade, was replaced by Augusto de Sousa Mangueira, the former chairman of Angola’s Capital Markets Commission, according to Angop. No reason was given for the change.

Angola’s economy has been battered by the plunge in oil prices since mid-2014.

Dos Santos said the government is generating “barely enough” revenue to pay off its debt during a July 1 broadcast on state television. A day earlier, the International Monetary Fund said Angola had called off talks about a bailout loan.

Dos Santos also replaced Edeltrudes da Costa with Manuel da Cruz Neto as the president’s chief of staff. He also dismissed Afonso Pedro Canga as Agriculture Minister and appointed Marcos Alexandre Nhunga to the post, according to Angop.-Bloomberg

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