Angolan President José Eduardo dos Santos has asked Beijing for a two-year freeze on the country’s debt payments to China according to Angolan news agency Angop. The Head of State is on an official visit to China until Saturday. Mr dos Santos also asked China for new credit lines, or for the expansion of the ones already in place, added Angop.

Mr dos Santos’ appeal was made on Wednesday, in the Chinese capital, during his opening speech at official talks with his Chinese counterpart, Xi Jinping. The Angolan President explained that his country is facing a serious problem as its economy depends on oil exports, which account for about 90 percent of the country’s total gross exports.

“The significant drop of crude prices and the following significant drop in State revenues have made us reduce our General Budget […] and hold expenses, therefore diminishing our ability to renovate economic and social infrastructure and promote public and private investments”, Mr dos Santos stated, according to Angop.

The Angolan President added that Luanda is looking to renegotiate the terms of its debts to Beijing and asked for a minimum two-year freeze in repayments.

Mr dos Santos also expressed a wish to renegotiate the terms of Chinese lines of credit to the country. They have been one of the major sources of financing for public and private projects in Angola.