Luanda - Angolan President João Lourenço has said that his country will continue to work to diversify the economy and reduce the contribution of the oil sector to the country's gross domestic product (GDP).
In an interview with the magazine "Jeune Afrique" published on Thursday, Lourenço said that the diversification of the economy is a fact and that progress is visible, stressing that "the non-oil sector now contributes more to the country's GDP than it did a few years ago."
According to the Angolan president, despite this progress, the economy remains highly dependent on hydrocarbons, which leaves the government unsatisfied as there is still much to be done.
Lower oil prices
Regarding a possible drop in oil prices due to the new administration in the United States, João Lourenço assured that Angola is prepared for the worst-case scenario.
"Countries shouldn't be afraid. Countries should be aware of what is happening in the world, what could affect their economy and prepare for the worst," Lourenço said.
João Lourenço said that Angola is preparing for this possible scenario and that it wouldn't be the first time, as the country has experienced situations where the price of a crude oil barrel was below 30 US dollars.
"We survived and we didn't have that much diversification. So if it happens again, we'll survive. Maybe better than before. We don't have to be afraid. We have to work to counteract this adversity that could happen," the Angolan statesman reassured.
Lobito Corridor
As for the Lobito Corridor, a project supported by the United States, Lourenço said he is convinced that the Americans will continue to be involved in the project, given its importance, adding that so far there has been nothing said by the Trump administration that indicates withdrawal or support by the US for the development of the Lobito Corridor.
Foreign debt
When asked about the country's foreign debt, João Lourenço said that the government expects it to fall to around 62%, as opposed to last year when it represented around 75% of GDP.
The president assured that Angola has been "strictly" servicing its debt and that the trend in recent years has been to reduce the total amount, especially the external and internal debt.
Regarding the domestic debt, the president said that the figures indicate a reduction of about 50% by 2025.
Angola-China relations
"Relations between Angola and China are good," said the Head of State, stressing that this has nothing to do with the value of the debt.
João Lourenço recalled that the debt with China was incurred out of necessity, as the country was destroyed and had to rebuild various infrastructures when the war ended in 2002.
Angola, the president said, turned to China, which immediately offered to provide the loans necessary for the country's recovery, in contrast to the promise of organizing an international donors' conference in Brussels, which never took place for reasons that have never been explained.
The president explained that the maximum value of Angola's debt to China was around 24 billion US dollars, and so far it has been reduced to 14.9 billion, the current value of the debt between the two countries.
João Lourenço explained that the debt service in 2024 is estimated at 3.4 billion US dollars and should increase slightly this year (2025) to 3.9 billion. VIC/DAN/AMP
