Chad pays back $100m loan in cattle

18 Mar 20

Chad is paying back a $100m loan from Angola with thousands of cattle, the Angolan state-run newspaper has reported.


The deal - proposed by Chad - is seen as good for both governments, with the Saharan country having a highly agricultural economy and Angola needing to replenish its cattle herds, according to Jornal de Angola.

More than 1,000 animals arrived in Angola this week as the first payment, with a total of 75,000 cattle set to be sent from north to south Africa in the coming 10 years.

The value of each head has been agreed at $1,333.33.

Parts of Angola, which is yet to economically recover from a civil war that lasted for nearly 30 years until 2002, have been devastated by droughts in recent times, and temperatures in 2019 were the highest in 45 years.

This has caused many cattle to die, leaving large parts of the population grappling with food insecurity.

Chad, which has not been short of security issues of its own, has a public debt-to-GDP ratio of about 41.2%, and although it is generally lowering, the World Bank warns that the risk of external debt overhang, - debt so great it makes more borrowing difficult - remains “high”.

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