ANGOP - Angola Press News AgencyANGOP - Angola Press News Agency

Go to homepage
Luanda

Max:

Min:

Home » News » Politics

Tue, 19 Nov 2019 10:08 - Updated Tue, 19 Nov 2019 10:08

2020 State Budget debate begins Tuesday

Luanda - The 2020 State General Budget (OGE) Draft, which foresees expenses and revenues of just over 15.8 billion kwanzas, will go through general discussion and vote in the National Assembly (parliament) this Tuesday.

Send by email

To share this news by email, fill out the information below and click Send

Correct

To report errors in the texts of articles published, fill out the information below and click Send

2020 State Budget debate in parliament begins Tuesday

Photo: Clemente dos Santos

To be marked by the reading of political statements, the discussion and approval of the OGE Draft, in general terms, will take place during the first ordinary plenary meeting of the 2019/2020 legislative year.


The 2020 General State Budget DRaft foresees expenses and revenues of just over 15.8 billion kwanza, 4.5 billion more compared to 2019.

Among other things, the budget prioritizes fiscal consolidation, with particular emphasis on debt control and the re-launch of economic activity.

On the occasion of the delivery of this main instrument of management and execution of Government policy to parliament, the Minister of State for Economic Coordination, Manuel Nunes Júnior, stated that in 2018, the overall balance of public debt settlement recorded a fiscal surplus of 2.2% of GDP and, by the first half of this year, reached 1.3%, counteracting the negative trend that reached 90% since 2014.


It foresees, by 2020, a positive leap of 1.2% of GDP, which considers the safest way out of the “debt trap” which, in general, obliges the country to take on debt to pay off other loans, maintaining the path of surplus started in 2018.

The Minister of State foresees, with the 2020 State Budget, a recovery of economic growth in around 1.8%, with the non-oil sector increasing 1.9%, with emphasis on the agriculture, fisheries and manufacturing sector, in order to reverse the negative results recorded since 2016.

He considers it essential to ensure economic growth for job creation, income and population's welfare.

The Finance minister, Vera Daves, said that the total amount to cover the revenues and expenses of more than 15 billion kwanzas represent a surplus to avoid future debt.

She also reported that the OGE has as reference the oil barrel at 55 dollars, to compensate eventual volatility, due to the perspectives of evolution of the world oil market.

He stressed the fact that next year's OGE proposal would be higher than the 2019 revised budget, to ensure that a significant portion is devoted to reducing public debt.

"It is not yet the desired State Budget, but it’s almost there, because it proposes to ensure fiscal consolidation and economic growth, in an environment of expected inflation rate of 24.3%, essentially due to ongoing tariff adjustments," he said.

He said that 40.7% of the total amount of the State Budget is destined to the social sector, against 39.8% of the current one.

Read also
  • 18/11/2019 18:14:51

    CPLP Justice Ministers debate cyber crimes

    Luanda - The 16th Conference of Justice Ministers of the Organization of Portuguese Speaking Countries (CPLP) to be held on Thursday, 22 July, in Cape Verde will discuss about Cybercrime and electronic proof as challenges for criminal justice and the rule of law of the Organization.

  • 18/11/2019 12:34:42

    Angola takes over AU Peace and Security Council rotating chairmanship

    Addis Ababa - Angola takes over the rotating chairmanship of the Peace and Security Council of the African Union (AU) on December 1.

  • 18/11/2019 11:37:16

    New UNITA leader advocates Constitution review

    Luanda - Adalberto da Costa Júnior, the new president of the largest political opposition party, UNITA, last Friday pointed out the focus on the revision of the Constitution of Angola as one of the main objectives of his term.