State Budget Implementation Report for the first quarter of 2016 has been approved during a session that gathered MPs assigned to the 1st and 2nd commissions of National Assembly (Parliament).

The document is the result of implementation of the State Budget for the first quarter of 2016 that though the budgetary, financial and balance sheet as well as the equity changes.

Of the 25 MPs integrated the Commissions of Economy and Finance, as well as Constitutional and Legal Affairs, 23 voted in favor, two against and no abstentions.

Speaking to the press, the chairperson of Economic and Finance Commission, Manuel Nunes JA�nior, said that the budget was implemented in a balanced way, taking into account the tough economic and financial situation the country experiences.

The official recalled that the reference price of the State Budget for 2016 was $ 45 a barrel of oil, “but the average value of crude recorded in the first three months of the current year was 31.5 percent.

According to him, the drop in reference price hindered the implementation of the budget.

He stressed that the social sector has most benefited from the financial resources, standing at 43 percent of all spending in the period under review.

While, non-oil tax revenues have increased significantly as the result of Finance Ministry’s efforts in recent times.

The official put the share of non-oil tax revenue of the first quarter at 56 percent, while that of oil was 20 percent, adding that the government was recommended to continue with tax reform and diversification of the income sources. –

Source: Nam News Network