Luanda: Angola recorded a positive current balance of 1.4 trillion kwanzas during the third quarter of 2024, although it concluded the period with a deficit of approximately 369.52 million, as announced by Finance Minister Vera Daves at the National Assembly during the voting session on the General State Budget Execution Report for this period.
According to Angola Press News Agency, the Finance Minister highlighted that the country collected revenues amounting to 4.33 trillion kwanzas and incurred expenses totaling 4.70 trillion, marking an increase of 22% compared to the same period last year. The revenue collected in July, August, and September of the previous year reflected a degree of execution of about 18% concerning the annual revenue approved by the 2024 State Budget.
In terms of dealings with external financiers, 322.47 billion kwanzas were disbursed, and there was a debt service of around 1.26 trillion kwanzas. Vera Daves also mentioned that the stock of public debt in the third quarter of 2024 totaled about 58.88 billion kwanzas, with government debt accounting for 97% of that amount, while the debt of public companies, including Sonangol and TAAG, represented 3%.
During the presentation of the Joint Opinion Report, MP N¡dia Monteiro noted that in the third quarter of 2024, contributions from the oil sector constituted 58%, surpassing those from the non-oil sector, which obtained 31%, whereas diamond revenues recorded a collection of 16%, with an increase of 29% compared to the same period last year.
Monteiro detailed that in terms of the execution of expenses by function, the Executive prioritized financial charges with a participation rate of 39%, followed by the social sector with a 24% participation rate of total expenditure. For the execution of the Public Investment Programme expenditure, the Government prioritized the social sector with a participation rate of 44%, followed by the real economy at 42%.
Under the Public Investment Program, approximately 3,248 projects were registered, with 842 belonging to central administration bodies and 2,406 to local administration bodies. Of these, 542 projects were completed with a physical execution level of 100%, and 601 projects recorded physical execution between 70% and 99%.
Regarding the KWENDA Program, 72,410 new families were registered, and 11,670 beneficiaries were paid throughout the national territory. It was also found that PRODESI executed expenses amounting to 175 million kwanzas, representing a low degree of financial execution, or only 1% of the approved amount.
In view of these indicators, the State Budget execution balance report for the third quarter of 2024 emphasizes a resilient performance despite significant economic challenges, considering the pressures arising from inflation. The General State Budget Execution Report serves as a balance and accountability document for the execution of the General State Budget, prepared quarterly by the Ministry of Finance, and is reflected in the Budgetary, Financial, Equity Balance and in the Statement of Equity Variations.