Africa Angola Economy Finance Government

Angola prepares a zero deficit state budget for 2020

The Angolan State Budget for 2020 is being prepared so that it does not present a deficit in order to avoid excessive debt, said Budget Secretary Aia-Eza da Silva in Luanda on Tuesday.

The Secretary of State, during a meeting with social partners, said that a nominal gross domestic product of 37.63,6 billion kwanzas (about US $ 81 billion) is expected for this budget, compared with 31 786.2 billion kwanzas for this year.

He said the oil sector is expected to grow by 1.5%, higher than the negative 5.2% for 2019, due to the resumption of production in the Rala, Bagre and Albacore fields in Block 2/05 of the Agogo field, phase 1 in Block 15/06 and the Gimboa Noroeste (GimNW) project in Block 4/04.

The non-oil sector of the economy is expected to grow faster than 2019, which is forecast at 1.9%, due to the reforms that have been introduced as well as the economic activity support programmes decided by the government, according to the Angop news agency.

The Minister of State for Economic Coordination, Manuel Nunes Júnior, recalled that since 2018, the Government has been trying to control the budget deficit, when for the first time in three years it had a positive balance in the execution of the State Budget of 2.2% of GDP.

Source: Macauhub

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