Angolan government announces payment of debts and stricter State Budget execution

21 July 2010

Luanda, Angola, 21 July – The Angolan state’s debts to “local” companies relating to 2008 and 2009 total US$9 billion, the Angolan Finance Ministry said in a statement published in Luanda.

In the statement, the ministry said that by the end of June payment of US$1 billion in debt to local companies had been processed.

In the same statement, the Finance Ministry said that the authorities “have decided to impose greater strictness and transparency on budgetary execution,” bringing an end to “a number of practices of budget managers that have led to the errors and vices of the past,” with the adoption of new working methods, greater discipline, greater conscientiousness and a profile of civil servant that is more appropriate to the responsibilities held.

Amongst the errors and vices that the government wants to combat are the non-presentation or irregular presentation of the need for financial resources by budgetary units, taking on debts outside the established regulations, remittance of invoices to the Finance Ministry for payment and even issuing withdrawal notices in their own names.