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Fri, 24 May 2019 17:26 - Updated Fri, 24 May 2019 17:33

Angolan government pledges to tackle fiscal deficit in 2019

Luanda - Angolan government is working to avoid fiscal deficits through actions that contribute to lower levels of indebtedness and the reduction of interest rates in the domestic market.

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This was said by minister of State for Economic and Social Development, Manuel Nunes Júnior.

Manuel Nunes Júnior was speaking at the opening of debate on "Business Environment and Investment Opportunities" at the World Tourism Forum.

The official put the Gross Domestic Product (GDP)  deficit at 3.7 percent in 2016.

In 2017, he said,  it rose to 6.3 percent, due to the increase in the levels of indebtedness of the country.

While, the Public debt, which in 2013 stood at 30 percent of GDP, rose in 2018 to more than 84 percent.

In his speech, Manuel Júnior pointed to the measures taken by Executive which, according to him, allowed the fiscal deficit of 6.3% in 2017 to a surplus of 2.2 percent in 2018.

As for the inflation rate, he said it is decreasing and justified that in 2018 it was 18.6 per cent, when the General State Budget (OGE) of the same year foresaw a rate of 28 per cent.

The official, who did not mention the number, said that the foreign exchange market is moving towards normalization, with a reduction in the difference between the official and unofficial exchange rates.

The minister stressed the importance of the holder of the visa of the investor, with three years of uninterrupted stay in Angola, to obtain a temporary residence permit in the country.

Regarding the Forum, he said that the tourism sector is one of the areas that needs to be developed in the country to reduce the excessive dependence on oil, accounted for about 95 percent of the export resources and more than 70 percent of tax revenues from the country.

He World Tourism Forum was opened Thursday by President João Lourenço.

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