Angola’s revenues, both capital and current, last May totalled around 60 billion kwanzas (US$485 million), which represents a year on year fall of 85 percent according to a budget implementation report from the Ministry of Finance.
In May 2014, before the fall in international oil prices, Angola’s total revenues were in excess of 400 billion kwanzas (US$3.2 billion).
“This negative variation was due to a decrease in current revenue and capital revenue of 77 percent and 97 percent, respectively,” said the document, to which Macauhub had access.
The same budget execution document also shows a cut of 66 percent in Angolan public spending in the month of May, against 2014, totalling 200 billion kwanzas (US$1.6 billion).
Given these figures and in May alone Angola’ budget execution showed a deficit of at least 140 billion kwanzas (US$1.1 billion). (macauhub/AO)