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Sat, 04 Jul 2020 08:59 - Updated Sat, 04 Jul 2020 08:56

Draft revised State Budget submitted to Parliament

Luanda - The draft revised General State Budget (OGE) for the 2020 economic year was delivered this Friday in Luanda to the National Assembly (AN), after being considered by the Council of Ministers.

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The document that was delivered by the Minister of State for Economic Coordination, Manuel José Nunes Júnior, representing the Head of the Government, João Lourenço, in the presence of deputies and members of the Angolan Government, provides revenues estimated at 13.5 billion Kwanzas and expenses of the same amount for the same period.

Manuel Júnior told the press at the end of the ceremony in the National Assembly that the government presented last April a set of measures to tackle the current situation of the covid-19 pandemic in the world and in Angola in particular, and that one of the measures is the revision of the State Budget which has two dimensions - one related to public health and the other to the economic and financial situation of the country.

He explained that the drastic reduction in the price of a barrel of oil boosted the revision of the State Budget for 2020, because it lowered considerably from USD 55 to USD 33 and consequently Angola's revenues.

"Revenues fell by about 29% compared to 2019 and so it was necessary to make this readjustment so that the OGE would not present an imbalance between revenue and expenditure," reinforced the Minister of State.

According to the government official, this State Budget already has the real price of a barrel of oil of USD 33 against the previous USD 55. "The objective is to continue to consolidate its supervision by making it known that it has been fulfilling the fiscal consolidation with satisfaction".

Manuel Nunes Júnior said that from 2018 it was possible to reverse the course of the deficit recorded from 2014 to 2017 with a State Budget showing positive balances also in 2019.

"It is important when a country no longer has a deficit, its revenues will be higher than its expenditures. This way, it will have less need of indebtedness, stagnated in 2018 and 2019", said the Minister of State.

Angola's trajectory, from the point of view of fiscal consolidation, has been positive in 2018 and 2019, and unfortunately due to the Covid-19 pandemic it will have a 2020 State Budget that will no longer have a surplus, but a four percent deficit that will need to be financed.

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