Output to double by 2008

Oil production exceeded 1m b/d for the first time at the turn of the year and is on course to double by 2007 or 2008. Increasing exports and revenues are raising Angola’s profile internationally and the government has been adjusting its policies to suit its new status. However, some remain to be convinced that the bad old days of financial mismanagement are past, Martin Quinlan writes

LITTLE MORE than 10 years ago, Angola was seen as a Marxist rogue state and US oil companies attracted criticism for being there. Now, its government is viewed as pragmatic, relatively stable and anxious for economic progress. It has been a remarkable transition. There is, however, work to do. In September, the International Monetary Fund (IMF) issued a report criticising the lack of transparency in the management of oil revenue and in the financial operations of Sonangol, the state-owned oil company. The IMF estimated 31% of total government expenditure in 2002 'was executed outside the regular budgetary system'. While corruption in Angola is rife, the country's infrastructure needs renewin