Fuel subsidy in Angola introduced in the 2019/2020 agricultural campaign

11 March 2019

The introduction of a subsidy on fuels for agriculture and fisheries in Angola should come into effect as of the 2019/2020 agricultural campaign, the Agriculture and Forestry minister said on Thursday in Benguela.

Minister Marcos Alexandre Nhunga, who took part in a panel of the Angola/Portugal Economic Forum entitled “Financing the private sector,” moderated by João Traça, president of the Angola/Portugal Chamber of Commerce and Industry, described the fuel subsidy as “a historic and courageous decision by the government,” because of its economic and social importance.

In addition to Nhunga, Abraão Gourgel (chairman of the Board of Directors of the Banco de Desenvolvimento de Angola) and Marta Luiz, chair of the Portuguese Development Finance Corporation (Sofid), also participated in the same panel.

Jornal de Angola reported that the government had already announced that the subsidy will cover 45% of the fuel expenses of these sectors, and all that is now needed is to work out how the initiative will work and how producers will have access to the subsidised fuels.

The chairman of Sofid reported that the Portuguese government registered a sum of 400 million euros in the State Budget for 2019 for the so-called “Lusophone Compact,” which, in coordination with the African Development Bank, will financially support projects from Portuguese-speaking countries. (Macauhub)