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Achieving revised state budget goals entails increased commitment

Wed, 25 Feb 2015 16:52 - Updated Wed, 25 Feb 2015 16:52

Luanda - The achievement of revised 2015-State Budget requires an increased commitment in terms of quality and judicious use of public expenditures, both government bodies or public companies, calling for the need to raise their levels of efficiency.

This was  said by the minister of State and Chief of Civil Office of President of Republic Edeltrudes Costa.

The official was reading a message the Angolan Head of State, José Eduardo dos Santos, addressed to Parliament, ahead of 2nd Extraordinary Plenary Meeting of the III Legislative Session, whose debate focused on 2015 Budget Revision.

The minister of State stressed that the revised 2015 State Budget will require a careful implementation following the progress of tax revenue, in particular the enhancement of non-oil revenue.

"However, he added,  a positive evolution of the price of oil will allow the increase of resources in order to recover the level of spending considered priorities, among which,  the  public investments.

Edeltrudes Costa also said that with the fall in oil prices, which may take time, the fulfillment of fiscal objectives, in terms of deficit and public debt, may be relaxed in the framework of a mid-term review, objectives and goals of the National Development Plan.

The minister of State also explained that the growth of gross domestic product (GDP) for 2015 was revised downwards from 9. 7 to 6.6 percent, but the economy should accelerate, compared to the growth rate of  4.4 percent recorded in 2014.

He also said that the draft revision is laid down in an average price of a barrel of oil estimated at USD 40, corresponding to the estimated average price of export of crude oil barrel to the current year.

Edeltrudes Costa recalled that the pursuit of these objectives requires strengthening, already under way, of the evaluating and monitoring process of the implementation of various policies and the development of national and international contexts, in particular the oil market.

However,  the minister of State stressed that the implementation of the budget

for 2015 will require adoption of enhancing measures.

The minister put the flows of the 2015 State Budget at AKz 2.6 trillion and tax expenditure, excluding debt relief and creation of assets, set at 3. 4 billion kwanzas.

The current expenditure goes from 3.8 trillion kwanzas to 2.8 trillion kwanzas, corresponding to a reduction of 25 percent.

As for the revision of State Budget for 2025, the minister said that this implies the reduction of tax revenue in 35.75 percent, equivalent to 1.4 trillion kwanzas, reducing spending by 33 percent, corresponding to 1.7 trillion kwanza.

He said that the move is intended to ensure the maintenance of public deficit and prudential debt level.