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Falling oil prices hurt Angola's economy as govt cuts spending

It relied on oil to generate 70% of taxes and 95% of export income last year

AT A LOW EBB: As the price of oil has plunged 50 per cent in the past 12 months, the Angolan government has slashed its budget by a quarter, cutting fuel subsidies and freezing hiring.


BUILDER Joao Victor is witnessing the havoc that plummeting crude prices are wreaking on Angola's oil-addicted economy.

"I used to have government contracts to build schools and health centres," Mr Victor, 40, said in an interview in Luanda, the capital. "Now, I can't get