Angola: Economic Commission Works On Free Economic Zones Draft Law

Luanda — The Economic Commission of the Cabinet Council analysed last Wednesday the Free Zones Basic Draft Law, with the aim to promote investments and speed up the diversification of national production.

According to the press release of the 10th meeting of this commission, presided by the President of the Republic, João Lourenço, the law establishes the rules and defines the objectives, general principles, incentives and facilities to be provided by the state to investors and companies willing to operate in such economic zones.

The creation and development of the free zones around the national territory, is intended to promote investments, aiming to accelerate the national production diversification process and increasethe exportations.

The law has also the objective of helping to create jobs, making Angola become an exporter country of manufactured products and by that transforming itself into an important logistics centre, in the continent and region.

The Economic Commission approved as well the settlement and payment regiment of the Value Added Tax (VAT), applicable to Angola LNG (Liquefied Natural Gas) Project.

In the economic and planning domain, the Commission members agreed with the content of the report on the National Development Plan (PND 2018-2022) for the first semester of 2019.

The commission concluded that the pressure on the Treasury reserves, imposed by the national debt, has harmed the availability of resources for the implementation of action programmes included in the National Development Plan (PND).

Concerning, the banking activity, this body of the government approved also a set of measures for the Monetary and Exchange Rate Policy for the fourth quarter of this year to allow the market to reach equilibrium level, so that it can make less pressure on the country's international reserves.

With all these measures, the intention is to maintain the rising inflation in 17,5%, as it is defined for the current (2019) financial year and reduce the exchange rate differential between the formal and informal markets, in the sphere of the current economic stability.

The meeting also analyzed the preliminary draft of the 2020 State General Budget (OGE), and recommended its enrichment with the involvement of the various Executive sectors and social partners.

In the meeting they also looked at the 2018 State General Account and the financial and asset situation of the State for that period.

The Economic Commission of the Cabinet Council approved the Treasury Cash Plan of August and the financial programming of the fourth quarter of this year.

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