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Tue, 15 May 2018 12:27 - Updated Tue, 15 May 2018 12:27

Crude oil price rise trend to reactivate investments

Luanda - The rise trend of the crude oil price in the international market is an opportunity for Angola to keep revenues in the state coffers and reactivate investments that are in a stalemate, said Monday in Luanda the economist, Afonso Chipepe.

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Economist Afonso Chipepe

Photo: Angop

Speaking to ANGOP, the economist defended that the surplus of the reference oil price stipulated in the State Budget, resulting from the rise of crude oil price, should be channelled to the sectors of agriculture, health and education, or even to the Sovereign Fund to serve the needs of the 2018/2022 National Development Programme (PND).

“Whenever there is a conflict in the Middle East, there is a tendency for a rise in oil prices. Since we have a great dependence on this commodity, I think it is time for us to attract more revenues and resolve some pending problems”, said the specialist.

He explained that the current reference oil price stipulated in the State Budget (USD 50,00 a barrel) can be deemed a “comfortable” figure for the government, however, he warned that the country should not fall in the trap of waiting for stable higher prices.

“We must not fool ourselves and forget the diversification process of the economy”, Afonso Chipepe asserted.   

Last Monday, the barrel of crude oil in the international market reached USD 77.2.

Tags Economy  

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