(MENAFN) What was once one of Africa's fastest growing economies is now on its knees and asking for help from the International Monetary Fund (IMF).
After debuting on the international debt market last year, the country appears unable to meet its budget and debt obligations, based on recent reports.
Angola is also bound to money-for-oil deals with China as it has used oil as collateral for loans from China, and that is further squeezing state finances.
According to IMF's latest released data, the country is set to develop by 3.5 percent throughout the current year, down from 6.8 percent back in 2013.
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