Africa's second-biggest oil producer, Angola, set up a $5bn sovereign wealth fund in October 2012 to rebalance its economy, which is almost entirely driven by commodities and remains vulnerable to price fluctuations. Petroleum products account for more than 97% of exports and 80% of state revenue, reports the Economist Intelligence Unit. After crude prices fell in 2008, the International Monetary Fund had to launch a $1.3bn bailout - a situation the government hopes its Fundo Soberano de Angola (FSDEA) will buffer in the future. The fund is run by a three-member board led by Armando Manuel, an adviser to president Jose Eduardo dos Santos, and Jose Filomeno de Sousa dos Santos, the president's 35-year-old son - a fact that has prompted accusations of nepotism.
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