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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