The government of Angola will adopt a set of measures on taxation, monetary policy, foreign trade and the productive sector of the economy to respond to the crisis resulting from the sharp drop in oil prices, state newspaper Jornal de Angola reported.
The newspaper noted that the price per barrel of oil currently stood at between US$27 and US$30 and because the State Budget for 2016 was prepared on the basis of a price per barrel of US$45 it is urgent to adopt measures to replace oil as the main source of revenues, control the expansion of the deficit and debt and improve the efficiency and effectiveness of private investment.
The measures are contained in a memorandum that was presented at the joint meeting of the Economic Commissions and Real Economy of the Council of Ministers.
The document, which must still be approved by a Council of Ministers meeting, includes a series of measures to be taken to increase domestic production, promote the export of goods and services in the short term, increase non-oil tax revenue, optimise public expenditure and streamline the import of goods and services. (macauhub/AO)