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Angola – To Rebuild the Countrys infrastructure-with International Aid
http://www.oilgasarticles.com/articles/294/1/Angola--To-Rebuild-the-Countrys-infrastructure-with-International-Aid/Page1.html
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By Oil and Gas Author
Published on 08/28/2006
 

Angola remains one of the poorest countries on the African continent. But still the countries economic growth is strong. Angolan government has sought international aid in efforts to rebuild the countrys infrastructure which was damaged in 27 years of civil war. Angolas Oil Sector is the major roll for countries gross domestic product (GDP) and export revenues. Angola is the second largest oil producer in sub-Saharan Africa behind Nigeria.


Efforts to Rebuild infrastructure – Angolas Measures:

Angolas economy has grown rapidly over the last few years, which is attributed to the ongoing oil boom in the sub-Saharan African country. Approximately 90 percent of Angolas government revenues come from the sale of oil, while earnings from diamond exports make up around seven percent. In 2005, Angolas real gross domestic product (GDP) growth rate was 14.4 percent, and the forecast GDP growth rate for 2006 is 14.6 percent. Although economic growth is strong, Angola remains one of the poorest countries on the African continent. Agriculture sustains two-thirds of Angolas population, who continue to live on $1 per day. The Angolan government has sought international aid in efforts to rebuild the countrys infrastructure, which was damaged in 27 years of civil war. As part of this effort, the Angolan Government and the International Monetary Fund (IMF) were engaged in dialogue over a future lending program in 2005. The IMF has asked that Angola disclose information pertaining to foreign debt, provide timely macroeconomic statistics, have a single government account at the Central Bank and increase dialogue on oil revenue management. Meanwhile, the World Bank has approved two investment projects; (1) a credit facility of $24.9 million for post-conflict and rehabilitation program, and (2) a grant worth $25.8 million. In 1980, Angola, in collaboration with eight African nations, founded the Southern African Development Community (SADC). At its core, SADC is working to create peace and security while promoting development and economic growth in southern Africa. In addition to SADC, Angola is a member of the Common Market for Eastern and Southern Africa (COMESA), a 20-member organization working to liberalize trade and promote regional integration. Angola is also a member of the African Union (AU), which works towards sustainable development.