Angola: Parliament Approves Draft Law On Sustainability of Finances

NEWS: Parliament Approves Draft Law On Sustainability of Finances in Angola

Last updated on September 11th, 2021 at 02:37 pm

The National Assembly (AN) approved, in general, this Friday, the Proposed Law on Sustainability of Public Finances, with one hundred thirty votes in favor, no towards and forty two abstentions.

The draft Law provides for the advent in Parliament of the Public Accounts Committee, a mechanism that is phase of the strengthening of the effectiveness of medium-term public finance management instruments, as nicely as tax rules that make a contribution to the implementation of tax policy.

With the proposal, the Government intends to beef up the rules governing the implementation of fiscal policy, focusing on macroeconomic stabilisation and the sustainability of public finances.

In offering the diploma, the Minister of Finance, Vera Daves, said that the diploma stems from the macro fiscal context that the united states lives.

She recalled that considering the fact that the 2d half of 2014 the Angolan economic system has been going via an economic cycle marked by using a deceleration translated into a bad Gross Domestic Product of about 2.6 percentage in 2016 and 1.8 percentage in 2018.

According to Vera Daves, this scenario is due to susceptible oil production, a quarter that plays a preponderant position in the country’s economic system and specially in balancing public finances.

This context, she said, led to a fall in tax revenues, and in recent years budget deficits have led the Government to make debts, main to their worsening.