The draft State Budget BIll (OGE) for Angola of 2019 on Wednesday was handed over to the National Assembly, the Angolan parliament, the local press reported.
It was the responsibility of the Minister of State for Economic and Social Development, Manuel Nunes Júnior, on behalf of the Government, to deliver the document to the President of the National Assembly, Fernando da Piedade Dias dos Santos, based on a constitutional and legislative requirement established by Law 4 of the OGE.
With an estimated expenditure of 11.2 trillion kwanzas (US$36.3 billion), which is higher than the 9.6 trillion kwanzas outlined in the Budget for 2018, the bill now presented was drafted on the basis of a reference price per barrel of oil of US$68.
Nunes Júnior, referring to the distribution of funds by sector, highlighted Education and Health, which will have significant values that also comply with the recommendations of the United Nations to allocate a 10% share to these two sectors.
In the proposal, Health expenditure accounts for 7.0% of the total, against 4.0% of the budget for this year, while in Education the amount has risen from 4.0% to 6.0%.
The Minister of State also said that with this OGE the government intends to relaunch the productive sector, particularly agriculture, as well as continue with the process of macroeconomic stabilisation to create a favourable business environment for productive activity.
Under the 2018/2022 National Development Plan, the government forecasts an aggregate growth rate (oil and non-oil sector rate) of 3.0%, with 5.1% for the non-oil sector, while oil is expected to contract by 1.8%. (macauhub)