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Tue, 10 Dec 2019 20:00 - Updated Tue, 10 Dec 2019 20:00

EU grants 5 million to support transparency

Luanda - The European Union has granted five million euros for the implementation of Angola's Economic Governance Support Program, with a view to improving budget transparency and the effectiveness of public spending.

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Ministry of Finances, EU and the IMF sign public finance management agreement

Photo: Gaspar dos Santos

The project, whose contracting agreement was signed Tuesday in Luanda between the Angolan Government, the European Union (EU) and the International Monetary Fund (IMF), also provides for a broader and more stable base for the General Budget and create an effective system to combat illicit financial flows.

For Angolan Government side the Project contract was signed by  Finance Minister Vera Daves, and EU side by  Ambassador to Angola, Tomas Ulicny, and the IMF side by the  Assistant Consultant to the Department of Tax Affairs, Rui Monteiro.

With this program, to be implemented by the IMF - the partner most qualified to provide the necessary assistance and support - the European Union augurs the strengthening of the Angolan Government's performance and commitment to the effectiveness, sustainability and transparency of public finances.

To be implemented over a period of three years, the project aims to improve the credibility and effectiveness of public expenditure and investment and budgetary transparency.

For the EU ambassador, the objectives fit the measures covered by the reform of public finances in Angola, so it has a “high degree” of ownership by the Ministry of Finance, as well as its ability to prepare projections for public investments and capital expenditures.

An identification system, accompanied by fiscal  risk management, will also be developed within the project, according to Tomas Ulicny.

According to the diplomat, the government's macro-stabilization program (2017-2018) illustrates the commitment to implement ambitious and "extremely" necessary reforms.

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