The Angolan government has postponed the issuance of a €1.5 billion Eurobond due to the deteriorating economic situation in the country, reports Reuters Agency on 30 September, citing a source from the Ministry of Finance.

The second largest crude oil producer in Africa, has not set a new date for the issuance, added the same source. The road-show for this operation should have taken place between 25 September and 5 October.

The planned Eurobond issuance falls within the framework of a strategy aimed at raising $10 billion of foreign debt in 2015.

The sharp drop in crude oil prices since June 2014 has negatively affected the situation of Angolan public finances where oil represents 95% of exports and contributes 70% of tax revenues.