The Angolan government on Tuesday in Luanda submitted a formal proposal for the review of the State Budget Bill for 2019 to the president of the country’s parliament, Fernando da Piedade Dias dos Santos, the Angolan press reported.
The bill, submitted by the Minister of State for Economic and Social Development, Manuel Nunes Júnior, includes the estimated expenditure of 10.37 trillion kwanzas, a decrease of 9.0% over the value recorded in the State Budget (OGE) currently in force.
The 2019 Budget, which is still in force, approved last December, outlines expenditure of 11.2 trillion kwanzas, which is higher than the 9.6 trillion for the 2018 tax year, and was drawn up based on a price per barrel of oil of US$68.
With no budget deficit and focusing on the social sector with 33.5% of total expenditure, the proposed Budget review was prepared based on each barrel of oil being priced at US$55.
The Budget review was also driven by the drop in Angolan oil production, which fell from 1.57 million barrels per day to 1.434 million barrels per day.
Minister Manuel Nunes Júnior, after submitting the document, noted that the proposed review does not include a budget deficit, “which is very important because it means that we have entered a process of reducing public debt.” (Macauhub)