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Thu, 12 Dec 2019 16:12 - Updated Fri, 13 Dec 2019 14:37

Parliament passes 2020 State budget

Luanda - The National Assembly Thursday in Luanda approved the 2020 State Budget with revenues and expenditures estimated at Akz 15.9 billion, 4.5 billion more as compared to that of 2019.

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MPs pass 2020 general budget

Photo: Rosário dos Santos

The document was approved with 132 votes in favor (ruling MPLA party), 50 against (UNITA and CASA-CE) and two (2) abstentions from the PRS.

The total State Budget for next year is 15.8 billion, whose preparation based on an average crude oil price of USD55 a barrel, an inflation rate of 24 percent and real GDP growth ( GDP) of 1.8 per cent.

The fiscal projections point to the creation in 2020 of an overall surplus of 1.2 per cent of GDP and an equally surplus primary balance of 7.1 per cent of GDP.

As for resource allocation, the social sector will absorb 40.7 percent of fiscal spending, about 27.6 percent more than last year.

In this sector, environmental protection, housing, health and community services stand out, with a budgetary growth of 182.1 per cent, 51.2 per cent and 35.6 per cent, respectively.

In turn , the social protection remained almost unchanged, with growth of about 1.2 per cent.

The Economic sector will get 11 per cent of tax expenditure, which corresponds to a 28.8 per cent contraction (kz 278.5 billion) compared to the budget allocation allocated in the State Budget.

The sectors of Defence, Security and Domestic Order grew by 21.2 per cent and represented about 19.3 per cent of tax expenditure, prompted by the increase of 48.3 per cent.

General Services accounted for 29 percent of tax expenditure, driven by the 65.2 percent increase over the previous year.

Net needs are valued at 653.3 billion kwanzas. This amount will be obtained by raising domestic and foreign funding.

High in agenda of the second Extraordinary Plenary Meeting of the 3rd Legislative Session of the IV Legislature of the National Assembly was the final global vote of the State Budget for 2020.

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