Ver Angola

Politics

Vera Daves announces recession. OGE to be revised and oil does not exceed 35 USD/barrel

The State Budget (OGE) 2020 will even be revised, with the new proposal to be presented until the first half of May. The information was provided by Finance Minister Vera Daves herself, at the end of the third extraordinary meeting of the Council of Ministers.

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According to a statement from the Ministry of Finance to which VerAngola had access, the OGE revision proposal "stems from the drop in the price of a barrel of oil and will assume an average reference price of oil of a maximum of 35 USD ". Thus, there will be a reduction of 20 dollars in relation to the initially approved OGE.

"We will have a slight drop in oil production that will amount to 1.36 million barrels of oil per day and the maintenance of diamond production levels. Here we will also see a reduction in the average carat price that would pass from 162 USD to 100.3 USD ", advanced Vera Daves.

The minister also warned that, with the reduction in tax collection, the country will see a worsening of the exchange rate depreciation and higher than expected inflation.

He stressed that the macroeconomic forecasts for 2020 mark a recession in 2020 of around 1.21 percent, as a result of the deterioration of the surrounding economic environment.

This GDP performance is the result of an expectation of a 0.17 percent reduction in oil production, combined with a 0.98 percent reduction in non-oil GDP, according to the Ministry of Finance.

Additionally, the minister announced the postponement of the removal of fuel subsidies that was scheduled for the second half of this year, and the merger of Ministerial Departments, measures approved by the Council of Ministers.

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