Angolan Government considers revising State Budget for 2019

30 January 2019

The Angolan government is examining the possibility of presenting a proposal to Parliament to revise the General State Budget (OGE) for 2019 in the first quarter, announced the Minister of State for Economic and Social Development.

Manuel Nunes Júnior, who made statements at the end of a visit to the Luanda Timber Warehouse in the municipality of Icolo and Bengo, justified this measure with the downward trend in oil prices, which remain below US$68 per barrel, the value on which the preparation of the Budget for the current year was based.

The minister stressed that the government was being careful to ensure that the new price to be presented had some substance and was not quickly overtaken by reality, according to the Angop news agency.

“We are going to enter the second month of the year, we are analysing the situation and we are ready to prepare a budget review proposal that has a different benchmark price per barrel of oil from the one we presented last December,” said Nunes Júnior.

The different varieties of oil are all currently priced at below US$60 per barrel, with the exception of Brent, which stands at US$61.12. (macauhub)