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Wed, 30 Jan 2019 13:36 - Updated Thu, 31 Jan 2019 08:54

Government ponders over revising 2019 State Budget

Luanda - The Angolan government admits the possibility to revise the State Budget for 2019 (OGE/2019) by March this year, said on Tuesday in Luanda the minister of State for Social and Economic Development, Manuel Nunes Júnior.

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The minister, who was speaking in a press conference on the fringes of an assessment visit to Luanda’s wood trading post, justified that the measure could eventually go forward due to the crude oil’s persistent downtrend, which goes against the government’s assumptions that set the barrel price in the State Budget at USD 68,00.

Approved on December 14 of 2018 by the parliament, the State Budget for 2019 embodies revenues and expenses estimated at 11.3 billion kwanzas.

The idea to revise the oil price benchmark in the State Budget had already been pondered over by the National Assembly in December last year.

According to Manuel Nunes Júnior, the government will take the necessary precautions concerning the budget revision to enable the new price to be introduced to help provide some financial solidity and so that it is not easily surpassed by the reality.

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