Angola's State Budget for 2024 Starts Being Implemented

1 January 2024
Angola Press Agency (Luanda)

Luanda — The State Budget (OGE) for the 2024 financial year has already been published in the Official Gazette and is to come into force from January 1, while its implementation begins a day after.

For this year, the Angolan state's main economic and financial policy instrument sets revenue at more than 24.7 trillion kwanzas and the same amount for planned expenditure, representing a 22.94 percent increase compared to 2023.

According to Law no. 15/23, of 29 December (2024 State Budget Law), after being included in the Integrated State Financial Management System (SIGFE) and the allocation of financial quotas, the Ministry of Finance makes public to the Budgetary Units that the conditions are met for the immediate implementation of the OGE/2024.

Approved by the National Assembly on December 13, 2023, the State Budget for 2024 estimates an average price of crude oil barrel at 65 US dollars and an average daily production of over one million barrels, forecasting an annual production of around 388 million barrels.

It predicts an inflation rate of 15.3% and real Gross Domestic Product (GDP) growth of 2.84%, the result of a 2.6% reduction in oil GDP and a 4.6% increase in non-oil GDP.

The financial plan foresees a reduction in the public debt ratio to 69.2% of the GDP, in addition to other structuring measures, such as raising the exemption limit for Labor Income Tax (IRT) from 7,000 to 100,000 kwanzas and the five percent increase in the salaries of public servants.

The government's structuring measures includes the operationalization of the National Employment Fund, with 10 billion kwanzas and the implementation of the Special Contribution on Foreign Exchange Transactions applicable to foreign currency transfers outside Angola, with a rate of 2.5% for individuals and 10% for companies, among others.

With a view to fostering national production, the rules for implementing the OGE/2024 encourage public entities to favor national products and services in public purchases, a factor the government says is important for valuing local goods.

The General State Budget is the main instrument of the Angolan state's economic and financial policy, which demonstrates the plan of actions to be carried out, as well as determines the sources of funding for a certain period of time.QCB/MRA/AMP

Read the original article on ANGOP.

Tagged:
Copyright © 2024 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 400 reports a day from more than 100 news organizations and over 500 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.