Posted 10/9/2023, 4:53:00 PM
Angola Weighs Slowing Fuel Subsidy Phase-Out After Protests Over Price Hikes
- Angola considering slowing removal of fuel subsidies after protests over price hikes in June
- Finance minister says no decision yet on extending 2025 deadline for phasing out subsidies
- Fuel subsidies cost Angola $2.3 billion in 2022, 40% of estimated social program spending
- Oil production shortfalls lead to lower 2023-24 economic growth forecasts of 1-1.5%
- Government aims to diversify economy and reduce dependence on oil revenues