With debt gobbling up nearly two-thirds of its government revenue, Africa’s second-largest crude oil exporter is the most vulnerable economy of all in the Debt Justice index. The charity expects Angola's burden to become even heavier this year as its main export market, China, is buying less of its black gold.

For its part, the World Bank records Angola’s total debts at over $57 billion (£45.9bn), with China, the IMF and the Bank itself the biggest individual creditors. Chinese lenders granted a three-year moratorium on repayments but that ended in 2023, just as Angola's oil revenues went into decline. It goes without saying that Angola is in debt crisis, spending more on keeping afloat in its ocean of debt than on any other spending priority.

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