TradeInvest Africa (Cape Town)
29 October 2009
Angola's 2010 budget increased spending by 50% compared to the previous year, which is good news for investors who depend on government infrastructure contracts.
The council of ministers approved the 3.9 trillion Kwanzas budget, with social spending getting the largest share, according to a report by Reuters.
The budget is based on an oil price of $58 per barrel, compared to $37 per barrel in the revised 2009 budget, and the government expects revenues to jump to 3,9-trillion kwanzas from 2,6-trillion this year.
Angola, which recently surpassed Nigeria as Africa's biggest oil producer, spends a lot on building the infrastructure ruined by years of civil war.
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