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Angolan President Jose Eduardo Dos Santos and Chinese President Xi Jinping in Beijing. Photo: Wang Zhao/AFP via Getty Images

Angola repays its $25 billion debt to Beijing with crude oil, creating a host of problems for its economy, reports Yinka Adegoke, Quartz's Africa editor, in his weekly brief.

Why it matters: That means Angola's ability to repay debt is dependent on the price of oil. And it leaves the country with lower volumes of oil to sell to other trading partners.

The bigger picture: Angola is an example of the debt-trap in Chinese diplomacy, through which small countries accrue massive debts by accepting Beijing's offer to build much-needed infrastructure. Then China has leverage to set the terms of future engagement, whether that's determining the mode of repayment or demanding rights to use the infrastructure.

The backdrop...

  • Angola is Africa's second-biggest oil producer, and 99% of Angolan exports to Beijing are petroleum products, per the Washington Post.
  • Since establishing diplomatic ties with Angola in 1983, China has lent $60 billion to the nation through direct investments and infrastructure projects.
  • "Every Angolan owes $754 to China," as the local newspaper Expansão put it.
  • As China keeps growing, its demand for crude does too. It's also the largest consumer of Iranian oil.

Go deeper: How China trapped Sri Lanka under a mountain of debt.

Go deeper

6 hours ago - Politics & Policy

Kellyanne Conway's parting power pointers

Kellyanne Conway addresses the 2020 Republican National Convention. Photo: Nicholas Kamm/AFP via Getty Images

Kellyanne Conway has seen power exercised as a pollster, campaign manager and senior counselor to President Trump. Now that his term in office has concluded, she shared her thoughts with Axios.

Why it matters: If there's a currency in this town, it's power, so we've asked several former Washington power brokers to share their best advice as a new administration and new Congress settle in.

6 hours ago - Politics & Policy

GOP holdouts press on with plans to crush Cheney

Screenshot of emails to a member of Congress from individuals who signed an Americans for Limited Government petition against Rep. Liz Cheney. Photo obtained by Axios

Pro-Trump holdouts in the House are forging ahead with an uphill campaign to oust Rep. Liz Cheney as head of the chamber's Republican caucus even though Minority Leader Kevin McCarthy told them to back down.

Why it matters: What happens next will be a test of McCarthy's party control and the sincerity of his opposition to the movement. Cheney (R-Wyo.) is seen as a potential leadership rival to the California Republican.

Democrats aim to punish House GOP for Capitol riot

Speaker Nancy Pelosi passes through a newly installed metal detector at the House floor entrance Thursday. Photo: Drew Angerer/Getty Images

House Democrats plan to take advantage of corporate efforts to cut funding for Republicans who opposed certifying the 2020 election results, with a plan to target vulnerable members in the pivotal 2022 midterms for their role in the Jan. 6 violence.

Why it matters: It's unclear whether the Democrats' strategy will manifest itself in ads or earned media in the targeted races or just be a stunt to raise money for themselves. But the Capitol violence will be central to the party's messaging as it seeks to maintain its narrow majorities in Congress.