Angola: Economic Performance Boosts Investor Confidence - State Minister

Luanda — State Minister for Economic Coordination José de Lima Massano said on Wednesday that the performance of the national economy in recent years has helped strengthen the confidence of national institutions among private investors and international partners.

Presenting the General State Account for 2024 during the 4th Extraordinary Plenary Meeting of the 4th Legislative Session of the 5th Legislature, the minister said that non-oil foreign direct investment grew by 185 percent during the year under review, equivalent to 353 million US dollars.

José Massano noted that, in the area of public financial administration, budget management systems had been strengthened, the quality of financial information improved and alignment with best practices in public financial management deepened.

According to the State Minister, the Angolan Government maintained a policy based on prudence, fiscal discipline and macroeconomic stability in 2024.

He stressed that, despite an international context marked by geopolitical conflicts and restrictive financial conditions, public expenditure under the implementation of the State General Budget totalled 24.6 trillion kwanzas, enabling the continuation of measures set out in the National Development Plan.

He explained that the social sector absorbed 4.79 trillion kwanzas, representing approximately 19.5 percent of total public expenditure, surpassed only by financial charges.

José Massano also highlighted increased investment in health, education, agriculture, energy and water, infrastructure, social protection and human capital development.

Following the presentation of the General State Account, Finance Minister Vera Daves clarified that, of the 20 recommendations contained in the Court of Auditors' opinion, 13 had initially been implemented, while others were incorporated into the following year because they required further technological development.

Regarding recommendations made by the National Assembly, she explained that some overlapped with those issued by the Court of Auditors.

She assured that the policy recommendations were being followed up by the Government, with emphasis on economic diversification, price stability, improved revenue collection, faster administrative procedures and the settlement of outstanding payment orders.

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