In an interview with Radio Nacional de Angola, the minister stressed that, despite the rise in the price of oil, which was reaching US$100 on Tuesday, there should not be "excessive euphoria" as it is necessary to rebuild treasury reserves. to get more clearance.
"Every month (treasury management) is a challenging exercise to ensure that we have the necessary financial resources to cover the month's expenses and we want to reach a point where we have a reserve for three months of expenses, which has not yet been possible. But we want - and hopefully it is possible - that with this price to last this type of reserve can be constituted", he highlighted.
She stated that the performance of revenues from the oil sector is being better than expected, but "unfortunately" the non-oil sector is below what was expected, "eventually because it is the beginning of the year", she suggested.
"It is only possible to have interesting reserves, if the two revenues - oil and non-oil - have a good performance", since it is necessary to materialize a set of assumptions so that there are actually surpluses, underlined the Minister of Finance.
"We still don't feel comfortable in treasury management, but with a better performance of non-oil revenue than what we have had so far, in January and part of February, it may be that this slack arises and the two effects of oil revenue and non-oil will then bring in these surpluses", so "it is too early" to think about reviewing the General State Budget.
"We still don't have a reserve capable of guaranteeing three months' salary for the civil service. Talking about a review in this scenario is utopian", stressed the person responsible for the finance department.
The OGE for 2022 is based on the average price of a barrel of oil at US$59 and an average daily production of 1,147,910 barrels.
It projects an acceleration of the economy with a growth rate of 2.4 percent, supported by perspectives of expansion of non-oil Gross Domestic Product (GDP) and oil GDP of 3.1 and 1.6 percent, respectively.
Finance Minister rejects excess euphoria with oil price rise
«Vera Daves rejected that there is “excessive euphoria” with the rise in oil prices, stressing that treasury management continues to be “challenging” and still does not guarantee expenses for three months.
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