Targets of 2018 budget guarantee macroeconomic stability, says Angola’s Ministry of Finance

16 January 2018

The goals established in Angola’s General State Budget for 2018 guarantee the country’s macroeconomic stability, the Finance Ministry said recently in a statement, adding that the bill had been generally approved by the committees on Economy and Finance, Constitutional Affairs and Legal and State Administration and Local Power of the country’s parliament.

The document, which “generally complies with the rules for the preparation, presentation, adoption, monitoring and control of the General State Budget,” was adopted with 34 votes in favour, none against and 14 abstentions.

The proposed Law approving the State Budget for the current year estimates revenues and expenses of 9.68 billion kwanzas (US$52.9 billion) allowing for government programmes and actions to be implemented, focused on macroeconomic stability, export promotion and import substitution, improving the quality of services in the fields of education, higher education and health, among others.

In order to guarantee the country’s macroeconomic stability, the 2018 State Budget bill is based on a real growth forecast of 4.9% of the Gross Domestic Product, an average price per barrel of crude oil of US$50 and annual oil production of 620.0 million barrels.

The expected fiscal deficit is around 2.9% of Gross Domestic Product, which is lower than estimated for 2017.

The General State Budget bill will be presented in parliament on 18 January. (macauhub)