Jean-Jacques Cornish

Angola seeks IMF financial help

 

African oil power Angola’s asking the International Monetary Fund for financial assistance.

Hammered by lower oil prices, the continent’s second largest producer of the commodity will next week begin  negotiations with the IMF on a three-year loan facility.

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Angola’s economy has grown rapidly since a 27-year civil war ended 14 years ago.

It peaked at 12 percent three years ago when its capital Luanda became the world most expensive city for businessmen.

Plummeting oil prices has sapped dollar inflows, knocked the kwanza and forced heavy government borrowing.

Oil output represents 40 percent of gross domestic product and more than 95 percent of foreign exchange revenue.

Last month, Finance Minister Armando Manuel said Angola had no plans to approach the IMF for loans.

Now he’s saying his government requested the support of the IMF for a supplementary program … taking account of the decline in the price of petroleum.

 

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Jean-Jacques Cornish is a journalist and broadcaster who has been involved in the media all his adult life.

Starting as a reporter on his hometown newspaper, he moved briefly to then Rhodesia before returning to South Africa to become a parliamentary correspondent with the South African Press Association. He was sent to London as Sapa’s London editor and also served as special correspondent to the United Nations. He joined the then Argus group in London as political correspondent.

Returning to South Africa after 12 years abroad, he was assistant editor on the Pretoria News for a decade before becoming editor of the Star and SA Times for five years.

Since 1999 he’s been an independent journalist writing and broadcasting – mainly about Africa – for Talk Radio 702 and 567 Cape
Talk, Radio France International, PressTV, Radio Live New Zealand, Business Day, Mail & Guardian, the BBC, Agence France Press,
Business in Africa, Leadership, India Today, the South African Institute for International Affairs and the Institute for Security Studies.

He has hosted current affairs talk shows on Talk Radio 702 and 567 Cape Talk. He appears as an African affairs pundit on SABC Africa and CNBC Africa.
He lectured in contemporary studies to journalism students at the Tshwane University of Technology and the University of Pretoria.

He speaks on African affairs to corporate and other audiences.
He has been officially invited as a journalist to more than 30 countries. He was the winner of the 2007 SADC award for radio journalism.

He’s been a member of the EISA team observing elections in Somaliland, Democratic Republic of Congo, Madagascar, Zimbabwe, Egypt and Tunsiai.

In October 2009 he headed a group of 39 African journalists to the 60th anniversary celebrations of the Peoples’ Republic of China.

In January 2010 he joined a rescue and paramedical team to earthquake struck Haiti.

He is immediate past president of the Alliance Francaise of Pretoria.

Jean-Jacques is a director of Giant Media. The company was given access to Nelson Mandela in his retirement years until 2009.
He is co-producer of the hour-long documentary Mandela at 90 that was broadcast on BBC in January 2009.