Editing Economy of Angola (section)

===21st century===

[[File:Isabel dos Santos (cropped).jpg|thumb|250px|The Angolan government has been trying to prosecute [[Isabel dos Santos]], a daughter of a former Angolan president, for corruption which may have led to Angola's recession]]

An economic reform effort was launched in 1998.{{CN|date=February 2023}} Angola ranked 160 of 174 nations in the [[United Nations Human Development Index]] in 2000.<ref name="fastest"/> In April 2000 Angola started an [[International Monetary Fund]] (IMF) Staff-Monitored Program (SMP). The program formally lapsed in June 2001, but the IMF remains engaged. In this context the Government of Angola has succeeded in unifying exchange rates and has raised fuel, electricity, and water rates. The Commercial Code, telecommunications law, and Foreign Investment Code are being modernized. A privatization effort, prepared with [[World Bank]] assistance, has begun with the [[Banco de Comércio e Indústria|BCI]] bank. Nevertheless, a legacy of fiscal mismanagement and corruption persists.{{Citation needed|date=July 2007}} The civil war [[Internally displaced person|internally displaced]] 3.8&nbsp;million people, 32% of the population, by 2001.<ref name="fastest"/> The security brought about by the 2002 peace settlement has led to the resettlement of 4 million displaced persons, thus resulting in large-scale increases in agriculture production.{{Citation needed|date=July 2007}}

Angola produced over {{convert|3|e6carat|kg|abbr=off}} of diamonds in 2003,<ref name="threemct">{{cite web |url=http://www.mbendi.co.za/indy/ming/dmnd/af/p0005.htm |title=Diamond Mining in Africa – Overview |publisher=Mbendi.co.za |date=March 3, 2014|access-date=July 13, 2014 |archive-url=https://web.archive.org/web/20070707125413/http://www.mbendi.co.za/indy/ming/dmnd/af/p0005.htm |archive-date=July 7, 2007 |url-status=dead }}</ref> and production was expected to grow to {{convert|10|e6carat|kg|abbr=off}} per year by 2007. In 2004, China's Eximbank approved a $2&nbsp;billion line of credit to Angola to rebuild infrastructure. The economy grew 18% in 2005 and growth was expected to reach 26% in 2006 and stay above 10% for the rest of the decade.<ref>{{Cite web|url=https://www.the-chiefexecutive.com/projects/angola-revival/index.html |title=Banco Africano de Investimentos: Increasing the Pace – Angola's Revival – Chief Executive Officer|website=www.the-chiefexecutive.com|access-date=February 14, 2020}}</ref> By 2020, Angola had a national debt of $76&nbsp;billion, of which $20&nbsp;billion is to China.<ref>{{cite web |url=https://www.fitchratings.com/research/sovereigns/fitch-downgrades-angola-to-ccc-04-09-2020 |title=Fitch downgrades Angola to CCC |date=4 September 2020 |website=www.fitchratings.com |archive-url= https://web.archive.org/web/20210210222214/https://www.fitchratings.com/research/sovereigns/fitch-downgrades-angola-to-ccc-04-09-2020 |archive-date=10 February 2021 |url-status=live}}</ref>

The construction industry is taking advantage of the growing economy, with various housing projects stimulated by the government such as the ''Angola Investe'' program and the ''[[Grupo Opaia SA#Casa Feliz|Casa Feliz]]'' or ''[[Grupo Opaia SA#Opaia Águas (Water)|Meña]]'' projects. Not all public construction projects are functional. For example, [[Kilamba Kiaxi]], where a whole new satellite town of Luanda, consisting of housing facilities for several hundreds of thousands of people, was completely uninhabited for over four years because of skyrocketing prices, but completely sold out after the government decreased the original price and created mortgage plans at around the election time and thus made it affordable for middle-class people. ChevronTexaco started pumping {{convert|50|koilbbl/d|abbr=on}} from Block 14 in January 2000, but production decreased to {{convert|57|koilbbl/d|abbr=on}} in 2007 due to poor-quality oil.<ref name="opec">{{cite web|title=Angola|url=http://www.eia.doe.gov/emeu/cabs/Angola/pdf.pdf|url-status=dead|archive-url=https://web.archive.org/web/20070926035705/http://www.eia.doe.gov/emeu/cabs/Angola/pdf.pdf|archive-date=September 26, 2007|work=Energy Information Administration|publisher=Eia.doe.gov}}</ref> Angola joined the [[Organization of the Petroleum Exporting Countries]] on January 1, 2007.<ref name="opec"/> Cabinda Gulf Oil Company found Malange-1, an oil reservoir in Block 14, on August 9, 2007.<ref name="malfound">{{cite web
|url=http://www.rigzone.com/news/article.asp?a_id=48798 
|title=Chevron Finds Success on Angolan Block 14, Again 
|publisher=Rigzone 
|date=August 9, 2007 |access-date=July 13, 2014
}}
</ref>