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Thu, 09 Apr 2020 17:17 - Updated Thu, 09 Apr 2020 17:17

Economic Commission approves financing for small businesses

Luanda - Economic Commission of the Cabinet Council approved Thursday 448 billion kwanzas to finance the minimum maintenance of the activity levels of the micro, small and medium-sized companies in the country's productive sector.

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3rd ordinary meeting of economic commission

Photo: Pedro Parente

The emergency measure is part of the Angolan Government's strategy to contain the economic effects caused by the pandemic of the new coronavirus (Covid-19), as well as by the sharp reduction in the price of a barrel of oil on the international market on companies and families.

The action is also aimed at tax relief and relief in the payment of wages, states a released at the end of the session chaired by the president Joao Lourenço.

The first will be done by extending the deadlines for its settlement, while the second, by deferring the payment of the social security contribution, stressed the document.

The document indicates that this is the deferral of the payment of the social security contribution for the II quarter of the current year and that it aims to pay six monthly installments from July to December 2020, without interest formation.

The Angolan executive's economic team agreed to the removal of some administrative procedures that affect the process of setting up companies, such as the statistical registration and the application for the business license, for the exercise of certain activities.

The Commission also agreed on the need to accelerate the transition from informal activity to the formal sector, with the urgent implementation of the actions foreseen in the programme for the conversion of the informal economy.

The 3rd ordinary session of the collegiate body of the President of the Republic, endorsed the assurance of the minimum necessary mobility of workers during the state of emergency phase, through the accreditation of the staff of private companies, whose work activity is not suspended.

As for the households living under the threat of rising costs for basic goods, measures were taken to authorise private sector employers to transfer the discounted amount to social security, corresponding to three percent of their wages in April, May and June.

It was also recommended to companies in the energy and water sector not to interrupt the supply of water and electricity during the month of April of this year, as well as measures were taken to provide 315 million kwanzas to support the most deprived families, with goods from the basic basket.

Regarding economically vulnerable families, the meeting approved the beginning in May of the first phase of the social cash transfer programme.

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