Angolan government to reduce subsidies for state companies by 50 pct

6 December 2013

Subsidies provided to state companies in Angola will be reduced by 50 percent by 2017, the secretary of State for the Economy, Laura Monteiro said at the closing ceremony of the Public Business Sector Forum.

Monteiro said that improving the economic and financial performance of the Public Business Sector was one of the government’s priorities, whose targets are set out in the 2015/1017 National Development Plan.

The government is projecting increased productivity at state companies, of between 20 and 30 percent next year and 50 percent from 2015 to 2017, as well as an increase in the return on investments of between 5 and 20 percent over four years.

Improved management and transparency of state companies is essential within the framework of the targets set for the five-year period, said the Secretary of State for the Economy, according to Angolan news agency Angop.

“We have outlined a rise of 100 percent in terms of drawing up accounts, reducing the level of non-conformities in the documents and the accounting process,” she noted. (macauhub)