9 February 2013

Angola: TC Denies Organic Unconstitutionality in Oil Fund

Luanda — The Constitutional Court (TC) ruled out organic unconstitutionality in the creation of the Oil Fund in its judgment No. 233 of 2013, according to a communiqué from the institution delivered to ANGOP on Friday.

The decision was adopted in plenary of judges, meeting on 07 February, following the request of the parliamentary group of the CASA-CE, to verify with the compliance of the Constitution of the legislation that established the Oil Fund, created to administer the management of the Oil Strategic Financial Reserve, approved by the National Assembly.

The TC noted that the presidential decision to establish the Petroleum Fund was not isolated, being necessary consequence of the Law n º 26/10 of 28 December, when adopting the State Budget (OGE), established the Oil Strategic Financial Reserve for infrastructure, and instructed the President to take care of their management and regulation.

According to communiqué, TC understood that there was no organic unconstitutionality since the creation of a fund, with the characteristics of this one, subject to the supervision and oversight of the Executive is a public authority in the sole dependence of the President of the Republic.

In this sense, the Constitutional Court concluded that the President of the Republic, as holder of the Executive and pursuant to provisions of the Constitution, has the constitutional power to create funds, not lacking such prior legislative authorization of the National Assembly.

Consequently, the TC rejected the request of the Coalition CASA -EC and did not declare unconstitutional the Presidential Decrees on the Oil Fund.

Copyright © 2013 Angola Press Agency. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.