Chad To Pay 100m USD Debt To Angola With Cattle

Story By: Ernest Bio BogoreSub-EditorJoseph Golder, Agency:  Newsflash

Chad’s government has reportedly agreed to repay its 100 million-USD debt to Angola in cattle as they are short on cash.

Local media report the agreement is seen as a win-win for both nations as Chad is suffering from cash-flow problems whilst Angola is in need of replenishing cattle supplies hit by drought.

Reports state that more than 1,000 cows have arrived by boat in Luanda, the Angolan capital, as the first payment.

Reports say Angola will receive a total of 75,000 cattle over 10 years, which means it has accepted a payment of 1,333 USD (1,102 GBP) per animal to pay off the 100 million USD (82,701,693 GBP) in debt.

Chad will send an additional 3,500 head of cattle later this month as Angola seeks to rebuild its cattle population in drought-affected areas, the state-owned daily reported.

Angola is often hit by drought, causing livestock to die from hunger and thirst which can leave many villagers destitute.

Although rich in oil, the country is still struggling to recover from the aftermath of a 27-year civil war that ravaged the country after gaining independence from Portugal in 1975.

Chad is described by the World Organisation for Animal Health as a “livestock country par excellence”, with about 94 million cattle in the country.

Livestock accounts for 30 percent of Chad’s exports and is its main source of foreign exchange after oil.

The ViralTab page is created by and dedicated to professional, independent freelance journalists. It is a place for us to showcase our work. When our news is sold to our media partners, we will include the link here.