23 November 2012

Angola: Cabinet Council's Economic Commission Reviews Sector

Luanda — The Economic Commission of the Cabinet Council Thursday in Luanda analysed the state of monetary economy, exchange rate and external accounts of the last fortnight.

The information is contained in final communiqué of the Commission emerged from its 4th Ordinary Session, chaired by the president of Republic José Eduardo dos Santos.

According to the note, the event analysed the level of inflation and found that between the months of September and October it (inflation) stood at 0.91%.

The statement added that the meeting also concluded that monetary aggregates remained in line with the annual projections, with the monetary base contracted by 0.09% in October, representing a positive annual variation of 18.85.

On the other hand, international reserves registered a trade surplus of USD 32 billion on 16 November.

The Economic Commission adds that it evaluated the performance of the Single Treasury Account whose balance favourable allowed to meet the coverage needs of public expenditure.

As for the money market, the interest rates continued to show a slowdown in line with the international context, thus creating conditions for the expansion of credit associated with productive activity.

Also, the exchange rate in the primary market showed a depreciation of 0.26% while the secondary market for currencies depreciated by 0.37%, reflecting an acceptable level of fluctuation, a scenario of exchange rate stability.

The session also assessed the October's Execution of Funding Plan.

On the execution of expenditure it stood at about AKz 123.1 billion focused mainly on debt service, goods, services and salaries.

The meeting also discussed the proposal of the Funding Plan for December, whose total revenues is estimated at AKz 287. 2 billion.

The Commission analysed the Memorandum on Economic Completion Stage of Short and Medium Term Planning Tools that approach the National Development Plan for 2013-2017 which highlights the inclusion of youth in working life, the support to national entrepreneurs,

as well as the competitive insertion of Angola in the international context. This also stresses the improving living standard Angolans and other major national objectives.

The session also considered the proposed installation of Traffic Management System and Video Surveillance in Luanda.

Finally, the Commission analysed the contract for the preparation of studies and demarcation of the maritime territory of the Republic of Angola.

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