Angola passes Legal Regime Law for Issuance, Management of Public Debt

MPs approve Law on legal regime for issuance and management of public debt (Photo: Rosário Santos) MPs approve Law on legal regime for issuance and management of public debt (Photo: Rosário Santos)

The National Assembly Friday approved, on a global basis, the Draft Law to amend the Law on the Legal Regime for Issuance and Management of Direct and Indirect Public Debt of the State.

The document, approved with 133 votes in favor, 34 against and three abstentions, is henceforth designated by Law No. 1/14 of February 6.

The adoption of the Legal Regime Law for Issuance, Management of Public Debt followed the 1st Extraordinary Meeting of the 5th Legislative Session of the third Legislature of the National Assembly.

Presenting the grounds for the text, the Angolan Finance Minister, Archer Mangueira, said that the amendment of the Law results from the need to standardise the rules used in the public debt management system.

Angola Finance Minister, Archer Mangueira
Angola Finance Minister, Archer Mangueira

According to him, the measure is based on a new system that has been implemented by the public debt management unit in partnership with the United Nations Conference on Trade and Development.

The official argued that one of the reasons consists of the need to consider mechanisms for assessing government indebtedness that complement the ratio, debt, Gross Domestic Product (GDP), in line with international practices and the current public debt statistics manuals.

In line with international practices, he said, the rules and principles related to the issuance of public debt should be addressed to the public sector entities, namely sovereign bodies, central and local government, public services, public institutes, autonomous sources and social security.

During the session, chaired by the Parliament Speaker, Fernando da Piedade Dias dos Santos, the MPs also approved the Press Law.

The participants also okayed the Law on the exercise of the Broadcasting activity, the Law on the status of the Journalist, Law on the exercise of the Television activity and the Law of the Angolan Social Communication regulator.

The Finance Minister, Archer Mangueira, also presented information on the report for execution of budget, finance and asset of the General State Budget for the second quarter of 2016.

Source: Angop