26 February 2018

Angola: Public Debt Levels Remain Unchanged

Luanda — Angolan Government has ruled out the intention to increase its public debt, estimated at 54.5 billion Euros.

This was said by the State Secretary for Budget and Public Investment, Aia-Eza da Silva.

Based on the projections of 2018 State Budget (OGE), approved 14 January by Parliament, the fiscal deficit is estimated at 3.5 percent of Gross Domestic Product.

Aia-Eza da Silva was answering the issues related to the Budget (estimated at AKz 9.6 trillion), raised by entrepreneurs linked to the banking, economic and productive sector.

In a debate sponsored by "Jornal Expansão" newspaper, the official said that it is not the Government's intention to increase the debt, so the deficit was reduced from 7.5% in 2015 to 3.5% in 2018.

Aia-Eza da Silva reinforced the Executive's position, saying that the State will only go into debt to pay the expected commitments.

She added that the Budget deficit will be covered mostly with foreign exchange reserves.

She went on saying that the debts to be paid also include those related to small and medium-sized enterprises.

Addressing hundred participants at the forum, the State Secretary described the current context of Angolan economy as tough.

According to her, one thing is to rule with the full coffers and another with empty coffers."

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