Angolan government approves budget proposal for 2008

29 October 2007

Luanda, Angola, 29 Oct – The 2008 Angolan budget proposal approved Friday in Luanda by the country’s government presents total revenues of 2.5 billion kwanzas, which represents nominal growth of 30 percent against the budget for 2007.

The social sector, with 31.7 percent of total expenditure, continues to absorb the largest amount of the budgetary figure, followed by the economic sector with 24.6 percent, with a reduction in financial expenses with the Defense and Security sector, which totals 14.6 percent of the total budget.

According to the press statement from the Council of Ministers meeting, total revenues are expected to rise, in real terms, by around 5.2 percent, as compared to projections for 2007.

The budget proposal for 2008 will be submitted to the National Assembly in November.

Setting up the bases for construction of a self-sustaining economy, consolidation of peace, national reconciliation and of the democratic process, as well as development of human resources are just some of the objectives outlined in the budgetary program.

As part of that policy the document said, the main driving forces will be preparation of wide-ranging tax reforms and extending income and consumer tax, as well as making tax benefits appropriate for investment.

Speaking to the press, Finance Minister, Pedro de Morais said that the state budget had earmarked resources for the preparation and carrying out of legislative elections in 2008, decentralization of municipal management and resolution of problems occurring due to the country’s rapid growth. (macauhub)