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Chad `Repaying Debt Of $100m To Angola With Cattle`

Chad Repaying Debt Of 100m To Angola With Cattle
Chad Repaying Debt Of 100m To Angola With Cattle

(KDRTV)-Chad has commenced repaying Angola a debt of $100m (£82m) with cattle- Angola`s state newspaper has proclaimed

The unique exchange between the two countries is supposed to be a win-win scenario as Chad is short of cash while Angola is short of cattle

Read also: Coronavirus; Police Reveal Details of Mukuru Patient Who Was Rushed to Mbagathi Hospital

At 1000 cows arrived Angola`s capital, Luanda by ship as the first payment -Jornal de Angola reported

Reports intimate that Angola with receiving a total of 75, 000 cattle over 10 years, implying that it has accepted payment of $1,333 per cattle

The newspaper also reported that Chad would again send 3500 cattle later this month

Chad had made a proposal of debt repayment with a cattle and Angola accepted since it would help the desert hit the country to refurbish its cattle population in drought-affected areas

Despite the fact that Angola is rich in oil, the country is still struggling to recover from the legacy of a 27-year civil war that ravaged the country after independence

Chad is globally known as the “livestock farming country par excellence”

Livestock makes 30% of Chad`s exports, and it is the major source of foreign income in the country after oil

Read also: Ruto’s Troubles Deepen as Firm Files for Bankruptcy

KDRTV had previously published a report where World Bank described Chad`s economy as that one which “remains fragile” due to considerable risks, such as oil price volatility and regional insecurity impacted by the militant Islamist groups operating in the region

 

 

 

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