As Africa’s third-largest oil producer, Angola is set to meet most of its financing needs this year through increased revenue and recent spending cuts, according to sources familiar with the matter.

Crude oil is central to Angola’s economy, accounting for more than 90 % of its export earnings. Since April, the price of Brent crude has climbed by about 8%, reaching $68 a barrel, giving the government a financial lifeline.

Finance Minister Vera Daves de Sousa said in April that the government had been in talks with the IMF to explore potential funding options. However, the improvement in oil prices has reduced the urgency for external assistance.

--Reuters/ChannelAfrica--