Angolan government pays arrears to Angolan companies

6 August 2019

The Angolan government has so far signed 304 agreements to settle the state’s debt to national companies, paying out 211 billion kwanzas (US$595.1 million), said Finance Minister Archer Mangueira.

The minister, quoted in the Monday edition of Jornal de Angola, also said that of the amount already paid 84 billion kwanzas were in cash, 123 billion in treasury bonds and 8 billion kwanzas in offset tax.

Archer Mangueira explained the slowness in the debt payment process, with the need for certification, as these are debts that are not registered in the State’s integrated financial management system.

The minister stressed that when his team arrived at the Ministry of Finance in 2017, the debt settlement process was stalled, which led to a settlement strategy being drawn up that began to be implemented in January 2018.

That year, he said, 220 debt settlement agreements were established, representing a total of 353 billion kwanzas, of which 124 billion were paid in cash and 129 billion in Treasury bonds. (Macauhub)