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Wed, 12 Aug 2020 16:45 - Updated Wed, 12 Aug 2020 16:44

Parliament passes public finances sustainability law

Luanda - The National Assembly approved Tuesday the bill amending the Law on Sustainability of Public Finance with 185 votes in favor, six abstentions and none against.

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Detail of Angolan Parliament

Photo: Francisco Miúdo

The proposal foresees the creation of the Public Accounts Committee, a mechanism aimed to strengthen the effectiveness of medium-term public finance management instruments, as well as tax rules that contribute to the implementation of tax policy.

With the proposal, the government intends to strengthen the rules governing the implementation of fiscal policy, focusing on macroeconomic stabilisation and the sustainability of public finances.

Speaking to the press, the Minister of Finance, Verá Daves, considered the Law a legal mechanism available to the government and MPs to follow up the process of fiscal consolidation, with the definition of numerical and concrete fiscal rules.

The Law, according to Verá Daves, is more demanding regarding the exercise of production and transparency of information sharing, with the production and publication of documents by the government, making it available to companies.

The law is also expected to increase the responsibility of all in relation to the goals set, program budgets and commitments in terms of public debt ratio and non-oil fiscal deficit, the minister said.

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