Angolan government says it has paid 60 percent of its debt to companies

6 September 2010

Luanda, Angola, 6 Sept – The Angolan government has alrerady paid 60 percent of its debt to private companies within the terms it committed to pay, the Minister of State and Head of the Civil House of the Presidency, Carlos Feijó said Friday in Luanda.

The minister said that there were still debts totalling US$900 million, a delay that was at the creditors own risk as irregularities were detected, such as companies without a license or others with more than one tax registration.

According to Feijó, three months ago the government announced a model for payment of the debt to the companies, namely total payment of companies to which up to US$10 million was owed, followed by debts of up to US$30 million and 30 percent of debts over US$30 million.

“It was necessary to reformulate the models of payment, because we found that by paying the small companies we were not feeling the effects in the whole economy. Therefore we decided to make total payment to companies to which we owed up to US$30 million, between US$30 and US$75 million a deal was reached with each of the creditors and above that payment was of 40 percent,” he said. (macauhub)