Luanda: State Minister for Economic Coordination José de Lima Massano stated on Wednesday that the recent performance of the national economy has played a significant role in bolstering the confidence of national institutions among private investors and international partners. Presenting the General State Account for 2024 during the 4th Extraordinary Plenary Meeting of the 4th Legislative Session of the 5th Legislature, he highlighted that non-oil foreign direct investment saw a remarkable growth of 185 percent during the year under review, amounting to 353 million US dollars. According to Angola Press News Agency, José Massano emphasized improvements in public financial administration, noting strengthened budget management systems and enhanced quality of financial information. He mentioned that the Angolan Government has maintained a policy focused on prudence, fiscal discipline, and macroeconomic stability throughout 2024. Despite the challenges posed by an international context marked by geopolitical con flicts and restrictive financial conditions, Massano reported that public expenditure, under the State General Budget, reached 24.6 trillion kwanzas. This financial strategy enabled the continuation of initiatives outlined in the National Development Plan. Massano elaborated on the allocation of resources, stating that the social sector absorbed 4.79 trillion kwanzas, which represents about 19.5 percent of the total public expenditure, second only to financial charges. He underscored increased investments in critical areas such as health, education, agriculture, energy and water, infrastructure, social protection, and human capital development. Following the presentation, Finance Minister Vera Daves provided insights into the implementation of recommendations from the Court of Auditors. She noted that out of 20 recommendations, 13 had been initially implemented, while the rest were set for future incorporation due to the need for further technological development. Daves also addressed the overlap between r ecommendations from the National Assembly and the Court of Auditors, assuring that the Government is actively following up on policy recommendations. These include economic diversification, price stability, improved revenue collection, expedited administrative procedures, and the settlement of outstanding payment orders.
