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Thu, 05 Mar 2020 19:19 - Updated Thu, 05 Mar 2020 19:30

Finance minister rules out budget review

Luanda - The Finance minister, Vera Daves, declared on Thursday in Luanda that it is still "premature to point out any scenario of budget review" in Angola, despite the persistent volatility of oil prices in international markets.

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Minister of Finance, Vera Daves

Photo: Henri Celso

The crude oil barrel has been facing a new low scenario in the last few days, mainly due to the spread of COVID19, which has already killed more than three thousand people worldwide.

This Thursday, Brent - reference product for Angolan oil exports - opened sales at around USD51 / barrel, in the main international markets.

The State Budget (OGE) 2020, approved in December 2019 and already in execution, foresees revenues and expenses estimated at 11.3 billion kwanzas.

This financial instrument favors the social sector, with 18.7 percent of the global budget.

According to the Finance Minister, oil price volatility has created, since mid-2014, a horizon of uncertainties about macroeconomic challenges, which has forced the Angolan authorities to adopt various mitigation measures.

According to the minister, mitigation policies inevitably compete in the short term for "economic contraction, through the reduction of public expenditure".

"Angola is not immune to this reality that affects all oil-exporting countries and has forced us to adopt mitigation measures," she said.

Vera Daves, who was speaking at the presentation of the "Annual Market Report BODIVA (2019)", reaffirmed that the reduction in oil production and economic activity had strong budgetary impacts in Angola, translating "into a worsening of the deficit and public debt".

Even so, she considers that important steps have been taken regarding tax reform.

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