The Ministry of Finance (Minfin) will publish on its website, in December, a report on its arrears, more precisely the State’s debts to economic agents.
The publication of this report is the result of a demand from the International Monetary Fund (IMF), under the Expanded Financing Program with Angola, said the secretary of State for Finance and Treasury, Osvaldo João.
The manager disclosed the information on the sidelines of a meeting with members of the National Assembly’s Committee on Economy and Finance, which happened in November 22.
Osvaldo João also said that Minfin already publishes, on a quarterly basis, on its website the report on the execution of the State General Budget (OGE), including the State General Account, after being approved by the National Assembly.
Minfin, according to the official, will make more efforts to increase information and dissemination of the execution of the State Budget.
Financial Insufficiency
Referring to the lack of funds for the execution of public expenditure of the State Budget 2019 and 2020, Osvaldo João said it is a common phenomenon for most economies, since “resources, by definition, in economy are scarce. The economy comes precisely for that, helping to manage scarce resources”.
In the case of Angola, he explained, what has been done is to significantly adjust resources to expenditures and improve the quality of spending.
On the other hand, for better execution of expenses, he said, the ministry has formed a group of technicians called “budget controllers” who work with budgeted units, helping them to execute the budget, correcting errors and improving expenses.
Economy 2020
By 2020, the national economy will have a global growth of 1.8%, he said, noting that this will result in a 1.9% growth of the non-oil economy and 3.4% of the oil sector, not counting gas.
Eurobonds
As for the recent issuance of Eurobonds (USD 3 billion), he explained that it was already foreseen in the 2019 OGE.
Revenue from this funding will be used for general purposes in support of the State Budget. “It will help Minfin better manage its expenses and responsibilities.”
Public Works
According to the Secretary of State for Finance and Treasury, the country has hundreds of public works to be completed, and Minfin, in consultation with the respective sectors, is outlining priorities.
Since 2014, a number of unfinished works have been registered, but in 2018 a survey began to evaluate the execution and to finance them, and many are being inserted in the OGE 2020.
Source: Angop
