Angola: Economic Commission Analyses Normative Documents

Luanda — The Economic Commission of the Cabinet Council Thursday in Luanda analysed a number of documents, with stress to that concerning the evolution of the country's monetary, exchange and external debt for the period of 3-14 November 2012, noting an inflation of 0,93%.

This is contained in a note that reached the press, following the 6th ordinary session of the Economic Commission held under the chair of the head of State, José Eduardo dos Santos.

The note indicates that the session also assessed the report on the financial stability in the first half of this year, and concluded that the system has been maintaining the levels of solvency well above the regulatory limit, capable of withstanding moderate shocks resulting

from the accumulation of reserves and of results, yielding a solvency ratio of 17.6%, above the legal minimum of 10,0%.

The source estimates that the banking system deposit portfolio showed for the first time a predominance in national currency and term deposits, as well as an increase in credits in national currency.

According to the note, the new operational framework of the country's monetary policy has influenced the banks to apply their surplus of liquidity in the Reserve BanK (BNA), thus enabling the slackening of the prices index and reduction of the interest rates of the commercial banks.

The note states that the Economic Commission learned that in the ambit of the programme of regularisation of the internal arrears, payments related to 2008 and 2009 have been made.

Concerning the regularisation of the arrears for 2010 and 2011 of the Ministry of Urbanisation and Construction, approved by the Government, the note indicates that payments of Usd 1.3 million, corresponding to 77 percent of the debt have been made.

On the other hand, the source states that concerning the public business companies that reported arrears of 1020 and 2011, the process of validation is at its final stage.

It adds that the Economic Commission approved the report on the execution of the November plan of treasure, in which the flows of oil revenues were of Akz 213,3 million, the total flow of payment reached AKz 353,8 billion, 71,3% of projection, comprising 80% of expenditures for the period and 20% of the expenditures of previous periods.

The document further states that the session analysed the report on the execution of the Angola LNG Project for the third quarter of 2012, and learned of the state of the works in the final tests for activation, start and its handover.

According to the source, the report on the execution of the project of construction of the new Lobito oil refinery ( Sonareff), says works of land deminig operations are in progress, reaching an advance of 85 percent.

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