Angola’s national budget deficit could reach US$10 billion without countermeasures

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Angola

Angola’s Secretary of State for Finance and Treasury Ottoniel dos Santos has warned that Angola’s national budget deficit would be close to 10 billion U.S. dollars by the end of the year, “if corrective measures are not taken.”

This information was revealed to the press at the end of the 5th Ordinary Session of the Economic Commission of the Council of Ministers Friday in Luanda, the capital of Angola.

Ottoniel dos Santos stated that upon analyzing Angola’s financial and budgetary situation, it was discovered that the balance reflects a significant deficit at the end of the first half of the year. Projections indicate an estimated budget deficit of 7.4 trillion Angolan kwanzas (about 8.98 billion U.S. dollars) by the end of the year.

He, however, assured that all projects with an execution rate above 50 percent and secured funding will be maintained, as well as those with an execution rate above 80 percent that rely on ordinary treasury resources for their completion.

He also disclosed that a series of measures will be implemented to reduce the burden of budget execution, including a comprehensive review of the Public Investment Projects portfolio and the consolidation of sectoral expenses. Enditem

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