Luanda, ANGOLA, June 26 - The revised General State Budget (OGE) Law proposal for the 2020 financial year goes to the National Assembly (AN), after having been examined, this Friday, by the Council of Ministers.,

The document foresees estimated revenues of Akz 13.5 billion and expenses of the same amount for the same period.

The draft law approving the Revised OGE based on the reference price of USD 33 per barrel of oil, with a reduction of about 14.9 percent compared to the OGE / 2020, initially proposed, according to the statement emerged from session chaired by the President of the Republic, João Lourenço.

Speaking to the press at the end of the meeting, the Finance Minister Vera Daves said that the proposal aims to adjust spending decisions and revenue projections to the constraints imposed by the current global and national economic context, characterized by the strong negative impact of the pandemic Covid-19.  

Approved by Parliament last December, the OGE / 2020 based on expenses and revenues in the amount of 15.8 billion kwanzas.  

The Cabinet Council  also analysed the Public Finance Sustainability Law, a legal instrument that promotes fiscal discipline in a reliable, predictable and transparent manner, and establishes the rules and processes that govern the implementation of the State Fiscal Policy.

,

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.