Luanda: The Angolan National Assembly (AN) on Thursday approved the Execution Report of the General State Budget for the third quarter of the 2024 financial year during its second ordinary plenary meeting. The report, presented by the Minister of Finance, Vera Daves, received 104 votes in favor, 72 against, and 5 abstentions.
According to Angola Press News Agency, the report is structured in five chapters and provides a summary of budgetary, financial, and asset execution, accompanied by annexes that offer an overview of the described information. It covers the national macroeconomic situation during the period, focusing on Gross Domestic Product, inflation, foreign trade performance, and oil price trends in the international market. The report also details the revenue and expenditure performance during the reviewed period.
The 2024 State Budget was initially based on an average oil price of US$65 per barrel. However, in the third quarter of 2024, the average Brent oil price rose to US$79.13 per barrel, which is 22% higher than the budget’s assumptions. During this period, Angola collected revenues of 4.33 trillion kwanzas and incurred expenditures of 4.70 trillion, marking a 22% increase compared to the same period last year. The revenue execution for July, August, and September last year was about 18% of the annual revenue approved by the 2024 State Budget.
Regarding external financial relations, 322.47 billion kwanzas were disbursed, and debt service amounted to approximately 1.26 trillion kwanzas. The public debt stock totaled around 58.88 billion kwanzas, with government debt accounting for 97% of this value, while debts of public companies, such as Sonangol and TAAG, represented 3%.
The draft resolution of the document received several recommendations. The Finance Minister reiterated the Executive’s commitment to implementing these recommendations, aligning with the deputies’ vision on the importance of completing ongoing projects and works. The focus remains on accelerating economic diversification and reducing oil dependency by exploring sectors like renewable energy, industry, agriculture, and tourism.
Recommendations also emphasized enhancing tax revenue collection methods, containing public debt growth to ensure financial sustainability, prioritizing existing project completions, and rehabilitating main roads. Additional recommendations included increasing national oil production through new investment tenders, promoting micro-credit for family farming, and consolidating economic measures to mitigate currency devaluation and enhance purchasing power.
MPLA deputy Joo Mpilamosi expressed support for the report, citing compliance with reporting deadlines and detailed content on public debt management. Conversely, UNITA’s David Kissadila explained their opposition, noting that the document does not fully reflect the reality.