A financial agreement worth 500 million euros, to be entered into between Angola and UK Export Finance, was approved in a presidential order published in the country’s official gazette, Diário da República.
Signed by the President of the Republic, João Lourenço, the document justifies the approval with the need to guarantee the execution of projects included in the Public Investment Programme whose financing has not been secured, within the scope of the investment policy for the country’s economic and social development.
The same order instructs the Finance Minister to sign the financing agreement and all documentation related to it on behalf of the Republic of Angola, according to the Angop news agency.
The Secretary of State for the Budget and Public Investment of the Ministry of Finance, Aia Eza Silva, recently said in Luanda that the Public Investment Programme for 2018, which includes a total of 1,893 projects nationwide, worth 890.12 billion kwanzas, has no secured funding due to the fiscal deficit of the General State Budget for 2018.
Silva also said that the increase in the budget deficit by half a percentage point, from 3.0% to 3.5%, due to the increase in funds allocated to the Health, Education, Higher Education and Construction sectors, totalling 96.5 billion kwanzas, meant the Public Investment Programme no longer had secured funding. (macauhub)