Government of Angola pays arrears of US$3.592 billion

23 February 2017

The programme to pay off arrears owed to companies from between 2014 and 2016 has a budget of 599 billion kwanzas (US$3.592 billion), said the Director General of the Debt Management Unit (UGD) of the Finance Ministry on Wednesday in Luanda.

Osvaldo João, speaking on Angolan National Radio, he stressed that the settlement programme that was recently approved by the Angolan government aims to “give companies more room to breathe,” so that they, in turn, “can perform better.”

The Director-General of the UGD recalled that at the end of 2016 the Ministry of Finance had already paid off about 20% of that amount to some companies whose debt was already certified and validated, according to Angolan news agency Angop.

The national director of the Treasury, Edison Vaz, said the payments were not made, despite orders being issued, due to a lack of funds, following the loss of tax revenues as a result the fall in oil prices.

Payment of arrears of over 500 million kwanzas (US$3 million) will be paid 30% in cash and the rest in bonds, which will be negotiated and the beneficiary will agree on the conditions and sign the issued bonds, according to the national Treasury director. (macauhub)