Government of Angola appropriates funds entered in the State Budget

11 March 2016

The government of Angola is to appropriate included in the State Budget for 2016 to offset the shortfall in tax revenues resulting from the fall in oil prices, the minister for the Economy said Thursday in Luanda.

Minister Abraão Gourgel added that the funds being appropriated are “sufficient” at this stage, taking into consideration the development of oil prices on the international market.

A presidential decree cited by Portuguese news agency Lusa authorises the Minister of Finance to appropriate initial budget credits for operating costs of up to 40 percent on goods and services, up to 15 percent of current transfers and up to 80 percent of acquisition costs of fixed assets.

“The government had to resort to appropriations to keep up with prices, which are very unstable in the international market,” said the economy minister, adding that “there will be no change in the budget assumptions unless the price of oil reaches a new level that is higher and stable. ” (macauhub/AO)