Daily Management Review

60 thousand people are laid off in Angola thanks to oil prices


06/14/2016


The fall in oil prices has led to the fact that almost 60 thousand people have lost their jobs in Angola.



CGP Grey via flickr
CGP Grey via flickr
This situation has been observed in the last 12 months. Positions in the field of civil engineering and the oil sector are the most vulnerable now.

Head of the Angolan Industrial Association José Severino argues that the country's economy will recover in proportion to the price of oil.

Moreover, Severino added that the International Monetary Fund will provide assistance that would get the country's credit rating up, and improve the financial situation in Angola.

Inflation in Angola helps to export oil and other commodities. Whatever it is, Severino said that Angola still needs inflow of foreign currency to purchase materials and equipment needed for the industrial sector.

Severino said that the government should introduce stricter control over foreign exchange reserves, as well as invest more in the currency industry.

Foreign exchange reserves of the country fell to $ 24.408 billion in May, compared with $ 24.774 billion in April.

Falling oil prices caused decline of dollar inflows into the country, which ultimately led to a currency shortage.

Last week, Isabel dos Santos, Head of the Angolan state oil company Sonangol, has announced plans for bailing the company out of the oil crisis.

She said she plans to split the company into three parts to separate operations, logistics and concessions to international oil companies.

She also noted that she is considering possibility of building a refinery in Angola to cut production and reduce the need to import diesel and gasoline.

Dos Santos hopes that these steps will help prevent new layoffs. She became Head of the company after the country’s president (her father) issued a decree. This, in turn, triggered massive accusations of nepotism.

source: oilprice.com






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