Luanda, ANGOLA, April 17 - The Angolan Government adjusted Friday the rules for the programming and execution of the 2020 State Budget (OGE), a document that foresees the State's annual revenues and expenses. ,

Approved early Friday by the Cabinet Council, the law establishes rules in line with current macroeconomic context, dominated by the fall in the price of the crude oil, which is the country's main export product in the international market.

 

According to the final communiqué of the session, the measure focuses on improving the quality and boosting the process that makes money accessible to budgetary units and dependent bodies.

 

The idea is to ensure the maintenance of services and thus meet the public needs.

 

Led by the President of the Republic, João Lourenço, the meeting also discussed the execution report of the State Budget for the fourth quarter of 2019, a document that follows the National Assembly.

 

The report highlights data and records on the implementation of the revised OGE reflected in the budget, financial and assets balance sheet and demonstrations of the assets variations.

 

During the period in question (4^th quarter of 2019), the average price of the crude oil barrel was around 62 US dollars, 12 percent above the average price of 55 dollars forecasted in the revision of the 2019 State Budget being 124 million barrels of crude oil output during this period.

 

In the same quarter of 2019, the average exchange rate of the Kwanza against the foreign exchange currency at formal and informal market rose from 150, 62 per cent to 22.97 per cent.

 

This is the result of the change implemented by the National Bank of Angola, from the exchange rate regime to the floating exchange rate regime, where the exchange rate is freely defined by the market.

 

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