Luanda, ANGOLA, June 27 - The revised General State Budget Draft-Law for the 2020 financial year is set to go to the National Assembly (parliament), after having been examined, last Friday, by the Cabinet Council.,

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

 

The draft-law approving the Revised General State Budget took into account the reference price of US $33 per barrel of oil, with a reduction of about 14.9% compared to the initially proposed 2020 General State Budget, states the final communiqué of the session, which was chaired by the President of the Republic, João Lourenço.

 

Speaking to the press, in the end of the meeting, 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 covid-19 pandemic.

Approved by Parliament last December, the General State Budget/2020 foresaw expenses and revenues in the amount of over 15.8 billion kwanzas.

In the session, 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 Fiscal Policy.

At the meeting, the Cabinet also carried out a mid-term review of the National Development Plan (PDN) 2018-2022 and approved the Action Plan for the 2020-2022 period, according to the statement released in the end of the session.

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