From Reuters/Written By Joe Brock

Angola’s oil-dependent economy is set to slow this year, key infrastructure projects will be shelved and swathes of social spending are facing the chop as a global crude price slump takes its toll on Africa’s second-biggest producer.

Angola’s cabinet last week sent a revised 2015 budget to parliament, cutting the assumed oil price to $40 a barrel, from $81 previously projected, and slashing $14 billion off planned spending, the finance ministry said.

The government’s failure to shield sub-Saharan Africa’s third largest economy from tumbling oil prices is likely to intensify public anger towards President Jose Eduardo dos Santos, who has been accused of enriching a political elite and leaving the poor behind during his 35 years in power.

 

 

 

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