News

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.

(AllAfrica)

Albert Echetah

Recent Posts

South African Group Petitions For Chidimma Adetshina’s Removal FromInternational Miss Universe Pageant Over Identity Fraud Allegations

A group called Progressive Forces in South Africa has launched a petition against MissUniverse Nigeria Chidimma Adetshina, with the aim…

November 5, 2024

Mauritius Reopens Social MediaAccess in Response to PublicPressure

Mauritius on Saturday overruled its decision to prohibit social media until the election onNovember 10th which was caused by a…

November 5, 2024

UAE Crown Prince Arrives in Ethiopia for WorldWithout Hunger Conference

The UAE’s Crown Prince of Abu Dhabi, His Highness Sheikh Khaled bin Mohamed bin Zayed AlNahyan was in Addis Ababa…

November 5, 2024

Zimbabwe’s rich (Mbingas) linked to state looting

Gilbert Machokoto, a former teacher, said that setting up a business in the late 1980s, shortlyafter Zimbabwe's independence, was ‘like…

November 4, 2024

Historic Shift in Botswana as PresidentConcedes to Opposition Victory

Following elections in which the party that had ruled the diamond-rich nation for almost 60years suffered a historic setback. Botswana's…

November 4, 2024

Lightning Strike at Uganda Refugee CampClaims 14 Lives, Including Children

A lightning strike at a refugee camp in Uganda kills 14 people including children with 34 othershospitalized. The incident happened…

November 4, 2024

This website uses cookies.