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Angola: Government maintains commitment to fiscal consolidation

The Minister of Finance, Vera Daves, Monday here considered that it was imperative for the Government to continue to implement the fiscal consolidation measures, despite the slight decline in the current context.

These measures, which have been in progress for two years, have influenced the generation of two consecutive fiscal surpluses, recorded in 2018 (2.2% of GDP) and in 2019 (0.8% of GDP), after four successive years of fiscal deficits.

For the minister, who was invited at the Lunch Conference on the revised State Budget for 20, in promotion of the Media Rumo Group, the generation of consecutive surpluses is a crucial milestone for the promotion of debt.

According to Vera Daves, over the last few years, the debt level reached high levels in AKz 34.5B in 2019, accounting for 113% of GDP.

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In view of Covid-19 and its economic consequences, at the end of the first quarter, the Government updated the macroeconomic projections for 2020, defining the momentary interruption of the fiscal consolidation process.

According to the Cabinet Minister, the fiscal consolidation strategy adopted by the Government, which aims to reverse the high primary and global deficits registered in the economy between 2014 and 2017 and achieve macroeconomic stability, is essentially based on three main axes: improving the quality of expenditure, boosting revenue and debt sustainability.

Source: Angop

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