Angola adopts measures to reverse reduction in budget revenue

Angolan government approved Friday short and medium term measures to deal with the reduction in budget revenue the country faces.

The measures are contained in a Memorandum released by the Cabinet Council’s Economic Commission, that provides for the reduction of public expenditure and the enhancement of revenue.

The document states that the move aims to ensure debt sustainability, reverse the budget deficit, boost economic diversification and ensure the resilience of the national economy.

The meeting, chaired by the President João Lourenço, also adopted short-term measures aimed at stimulating the economy and boosting its growth potential.

The objective is to share, with economic agents, the priorities of production and food security.

The measures are also meant to protecting and creating jobs, as well as increasing the competitiveness of “Made in Angola” products.

The focus of these measures is also reducing on the cost of living, particularly with the purchase of food.

The Economic Commission approved the Long-Term Strategy, Angola 2050, the central instrument of the National Planning System, which represents a paradigm shift in relation to the previous strategy.

In the field of transport, the session approved a Presidential Decree that defines the uses of the perimeter of the State Land Reserve adjacent to the António Agostinho Neto International Airport.

The Economic Commission was briefed on the evolution of the Gross Domestic Product (GDP) for the first quarter of 2023.

The Economic Commission of the Cabinet Council is responsible for dealing with the Executive’s macroeconomic agenda and ensuring that macroeconomic management is carried out in harmony with the objectives and economic priorities of the Governance Programme of the President of the Republic.

Source: Angola Press News Agency (APNA)