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Fri, 18 Nov 2016 12:07 - Updated Fri, 18 Nov 2016 12:07

Public debt sustainable - minister

Luanda - Angolan Government’s debt to the external market is sustainable as it is a resource used in the financing of capital expenditure to create wealth.

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Finance minister Archer Mangueira

Photo: Lucas Neto

This was said Thursday in Luanda by the Finance minister, Archer Mangueira.

Archer Mangueira was answering questions raised by MPs during the National Assembly session that discussed the State Budget for 2017.

According to the minister, as the fiscal revenue dropped as a result of the fall in the oil price in the world market, the State has had to resort to external funding to create wealth.  

He stated that there is a great concentration of financing in the capital expenditure, the reason why the revised 2016 Budget shows in 2017 an increase of seven percent of the capital expenditure.

Archer Mangueira said that this is a clear sign that, despite scarce resources, the Government continues betting on public investments that can ensure private investment.

The minister explained that the Thursday approved State Budget’s public debt spending stands at 36,28 percent of the whole expenditure, that is Akz 2.6 trillion .

The 2017 State Budget draft generally approved on Thursday with 150 votes in favour, 30 against and one abstention, provides revenue and spending of Akz 7.3 million, against Akz  6.9 trillion of the revised 2016 budget.

The 2017 fiscal scenario provides a significant cut on subsidies estimated at 19,3 %, as compared to the amended budget of 2016, and the social sector will take 38,5% of the whole fiscal  spending. 20,33% will go to the sectors of defence, security and public order.  

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