Angola’s revised 2016 budget with “more realistic” spending

4 August 2016

The proposed revision of Angola’s state budget for 2016 sets a “more realistic coverage level” for expenditure, indicates the statement issued after the Wednesday Council of Ministers meeting in Luanda.

The proposed law reassesses estimated revenue in light of the current average price for a barrel of oil on the international market. It will enable “the country’s tax policy to be readjusted in accordance with new outlooks regarding this year’s macroeconomic planning.”

The statement specifies that the proposal ensures more control of the deficit and financing needs. That control should be achieved by revising financing operations while at the same time guaranteeing payment of expected debt servicing.

The document was previously examined at the ordinary joint meeting of the Economic and Real Economy committees of the Council of Ministers on 29 July.

The Council of Ministers also approved the second quarter 2016 assessment of state budget implementation, which presents status figures for various budget targets, including the fiscal and financial balances and the statement of asset variations.

Both documents will now be forwarded to Angola’s parliament, the National Assembly, for consideration and vote. (Macauhub/AO)