ANGOLA: PROPOSED 2016 BUDGET REVIEW ANALYSED

Economic and Real Economy Commissions of Cabinet Council discussed Friday the economic issue, with stress to Draft Law on State Budget Revision (OGE) for 2016.

The ordinary agenda, chaired by president Jose Eduardo dos Santos, is also taking stock of the execution report of the State Budget in the second quarter of the current year and cash plan for August.

Estimated at AKz 6.4 trillion, the 2016 State Budget is based on the average oil price of USD 45, which predicted revenues and expenditure worth 6.4 trillion kwanzas.

The daily forecast of the oil production stood at 1.8 million barrels.

While, the expected GDP growth rate forecast was 3.3% (1.5% in the oil sector 1.8% non-oil sector), with the budget deficit standing at 5.5%.

High on joint session agenda is also the Memorandum on the development of Angola’s Credit Rating and acquisition, as well as allocation of resources and equipment for the agricultural year 2016/2017.

Source: NAM NEWS NETWORK