Angola to review general state budget amid oil price drop, COVID-19

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Angola's Oil Giant, Sonango [File-Photo]

The Angolan government has decided to review the general state budget for 2020 in response to the impact of the COVID-19 pandemic and a drop in oil prices.

Angola’s Oil Giant, Sonango [File-Photo]
The decision was announced in a final communique at the end of a meeting of the country’s Council of Ministers on Friday.

Angolan Minister of Finance Vera Daves said the proposed budget revision should be submitted to the National Assembly by May 15.

According to Daves, the decision was made due to a wave of several “shocks,” including the COVID-19 spread and the decline of oil prices in the international market.

The official stressed that in terms of public health, the country is being affected by restrictions on mobility, international trade and the production of various goods that are reflected in the reduction of trade flows.

Angola has declared a state of emergency in response to the COVID-19 pandemic, the minister said.

The 2020 budget foresees expenses and revenues in the amount of 15.87 trillion kwanzas (29.57 billion U.S. dollars) and 4.5 trillion Kwanzas compared to the revised state budget for 2019.

The country’s minister of finance said the current review of the state budget would be done with a reference estimate of the oil prices below 35 dollars per barrel. The budget was initially drawn up with a reference estimate of 55 dollars per barrel.

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