Ver Angola


Government approves new rules for credit cooperative societies

The Government will create new rules for cooperative credit societies (SCC) to reinforce the protection of deposits of members in the event of insolvency or resolution.


The presidential decree on the regulation of cooperative credit societies, which establishes the rules of operation and the guarantee of deposits of cooperative members, was considered this Thursday at the second meeting of the economic commission of the Council of Ministers, chaired by the President of the Republic, João Lourenço.

According to a final note, to which Lusa had access, the diploma aims to ensure "enhanced protection of partners or members, not only in the event of insolvency of the SCC, but also in the event of resolution".

To this end, it confers "greater clarity and legal certainty to any decisions to be taken within the scope of the application of resolution measures that are oriented towards the protection of partners or members and, on the other hand, respond to the need to guarantee the stability of the financial system, preventing harmful effects and systemic consequences, guaranteeing the reimbursement of the deposits of the members or cooperative members".

The economic commission of the Council of Ministers also analyzed the diploma that establishes the operating rules of microcredit companies that intend to ensure "the format of financial inclusion and the fight against poverty".

At this meeting, the Legal Regime for Communication and Electronic Processing and the Tax Procedure and Tax Execution Process and the Operational Framework for Sustainable Financing were also approved.

The purpose of this document is to establish "guidelines for the Angolan State in the international debt market, in order to ensure that the funds mobilized by Angola, via sustainable financing instruments, are effectively channeled to eligible projects and expenses, thus allowing the indebtedness is aligned with the country's environmental and social policies".

The economic commission also approved the balance sheet of the execution of the annual financial programming of the national treasury for 2022, noting that a "satisfactory performance of the macroeconomic indicators compared to the program" was achieved.

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