Angola’s Sonangol no longer permitted to attribute expenditure to the State

20 January 2012

Luanda, Angola, 20 Jan – The possibility of Angolan state oil company Sociedade Nacional de Petróleos (Sonangol) attributing expenditure to the State has come to an end, Angola’s Finance Minister said Thursday in Luanda.

At the end of an evaluation mission of the International Monetary Fund (IMF) to Angola, Minister Carlos Lopes added that the decision had been made on 22 December last and that it would come into force with the execution of the General State Budget for this year.

Lopes added that Sonangol would temporarily be allowed to record two types of expenditure: Debt servicing and fuel price subsidies.

The minister justified this exceptional situation for Sonangol with the civil war in Angola, which came to an end in 2002.

“The situation of paying State expenditure by Sonangol and, consequently, the only partial collection of oil revenues by the National Treasury must be seen in a historical context,” he noted. (macauhub)