World Economy

Angola Cuts Budget by $17b

Angola Cuts Budget by $17bAngola Cuts Budget by $17b

Angola’s cabinet has cut proposed 2015 budget spending by 1.8t kwanza ($17b) to 5.4t kwanza after slashing expected oil revenues, the Angola News Agency (ANGOP) said. The revised budget figures, based on an oil price of $40 per barrel rather than the $81 previously forecast, will need to be approved by parliament, which should be a formality given the ruling party’s large majority.