Payment of arrears in Angola will take place by the end of March

3 March 2020

The payment of arrears accumulated until the end of 2017 and registered in the Integrated State Financial Management System (SIGTFE), totalling 179 billion kwanzas (US$359.7 million), will occur by the end of March, said the Ministry of Finance in Angola.

The Annual Report on the Strategy for the Settlement of Arrears 2019 by the Ministry of Finance provides for the settlement of arrears not registered in the SIGTFE in the amount of 250 billion kwanzas (US$502.4 million) in 2020.

The same document showed that by the end of November 2019 arrears in the value of 214.0 billion kwanzas (US$430 million) had been paid in securities, according to the document quoted by the Angop news agency.

The banks that received the most deposits of securities from their customers were Banco de Poupança e Crédito (BPC), with 47 billion kwanzas, followed by Banco de Fomento Angola (BFA) with 38.4 billion kwanzas.

Of the total number of Non-Readjustable Treasury Bonds (OT-NR) issued, 44% have a maturity of two years, 39% of three years and the remaining 17% of four years.

Arrears in the value of 101.5 billion kwanzas were settled in cash.

The banks that received the most were Banco Financeiro Internacional de Cuba (38.7 billion kwanzas), Banco de Fomento Angola (14.8 billion kwanzas) and BAI Europa (14.2 billion kwanzas).

Of the overall payments made in cash, just over 60% were channelled to the payment of non-resident State suppliers, which correspond to the debts settled in the amount of US$101.7 million and €73.1 million.

The Strategy to Settle Arrears 2013-17 was drawn up with the aim of paying off all outstanding debt contracted during this period by the State from its suppliers. (macauhub)