Angola: Angolan government approves State Budget with 42.9 percent rise in expenditure

30 October 2008

Luanda, Angola, 30 Oct – The Angolan government Thursday approved the General State Budget for 2009, which includes a 42.9 percent increase in expenditure, against the last completed budget in 2007.

With a total value of 3.176 trillion kwanzas, the document is due to be submitted to parliament Friday for final approval, according to a statement issued Wednesday by the Angolan Council of Ministers.

The document is based on a macroeconomic scenario of worldwide inflation of 10 percent, annual oil production of 779 million barrels and an average price of US$55 per barrel, said the country’s finance minister, Severim de Morais, at the end of a Council of Ministers meeting.

The biggest slice of expenditure accounts for the social sector, namely education and health with 34.6 percent.

The adminsitration and public services sector and the economic sector, account for 29.2 percent and 14.7 percent of total expenditure, respectively.

This is the first state budget of Prime Minister Paulo Kassoma, who was nominated after the legislative elections of 5 September this year. (macauhub)