Angola||The National Assembly generally agrees to the 2021 National Budget Bill (Draft)

On November 17, the Angolan National Assembly voted to pass the "Proposed Law on the National Budget for the 2021 Economic Year" during the general discussion, and the bill (draft) passed as a whole will be passed to the special committees for discussion.

National Assembly representatives vote

The proposal estimates income and expenditure at 14.78 billion kwanzas. The 2021 budget has increased on the current basis, and the current budget is approximately 13 billion kwanzas.

Last week, the various specialized working committees of the National Assembly determined the timetable and methods for discussion. All discussions and revisions will be completed on December 14 and final approval will be obtained.Discussions will be conducted in internal meetings of various specialized committees of the National Assembly, as well as hearings of the Minister of State and relevant representatives of the national administration and local governments.The proposal sets the average reference price of oil at $39, and prioritizes the social and economic sectors. The revenue and expenditure of the state budget in 2021 are 9.9% higher than the revised OGE 2020. Of the estimated total tax expenditures, 38.5% will be allocated to social sectors and 15.5% will be allocated to economic sectors.

OGE is the main value tool of the country's economic and financial policies, and it specifies the action plan to be implemented and its funding source within the specified time.Aiya Eza da Silva, who is in charge of public budgets and investments, said that due to uncertainties still being very severe, OGE in 2021 is the most difficult to formulate.The crisis affects all economies. It is difficult to come up with a solution, he said, OGE 2021 still has a deficit budget, it is necessary to resort to debt to raise funds.

According to the forecast of the International Monetary Fund, the global gross domestic product (GDP) will fall by more than 4%.