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Fri, 29 May 2020 15:38 - Updated Fri, 29 May 2020 15:38

President says Covid-19 hinders programs, projects implementation

Luanda - The President of the Republic, João Lourenço, Friday, in Luanda, said that that the new coronavirus, associated with the drop in the price of a barrel of oil on the international market, brought negative consequences to the country's economy, making it difficult to implement programs and projects.

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Participantes ao encontro com a sociedade civil sobre o impacto da covid-19 na economia e na vida das famílias

Photo: Francisco Miudo

President of Republic, João Lourenço, speaks to civil society on COVID-19

Photo: Francisco Miudo

Speaking at the meeting with civil society on the impact of covid-19 on the economy and on the lives of families, the Head of State underlined that oil resources represent, for Angola, more than 60 percent of tax revenues and more than 90 percent of export earnings.

He recalled, in his intervention at the Talatona Convention Center, that from January to March of the current year, the price of oil, the main export product in the country, fell by 67 percent, with the barrel rising from USD 69 to USD 22.

João Lourenço highlighted the fact that the recovery of the price of this product remains slow, being in the last days, on average, around 30 dollars per barrel.

He emphasized that the effects of this situation, unfavorable for the national economy, also caused a reduction in foreign exchange revenues and, consequently, a decrease in the ability to pay abroad, and a reduction in State tax revenues, which makes it difficult to implement many programs and projects.

He recalled that, in order to face this situation, the Government adopted measures to support companies and families, with emphasis on the review of the State General Budget (OGE) for 2020.

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