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Government approves rules for implementing the state budget for this year

The Council of Ministers approved this Friday a set of rules "in line with the current macroeconomic context" to "discipline the programming and implementation of the General State Budget (GSB)" in the economic year 2020.


According to a communiqué to which Lusa had access, the approved law aims to "improve the quality of public spending, improve accountability mechanisms and ensure the streamlining of the process of making financial resources available to budgetary units and dependent bodies, aimed at maintaining services and correspondingly meeting public needs".

The Council of Ministers, which took place at the Talatona Convention Centre under the guidance of the President of the Republic, João Lourenço, also considered, for submission to the National Assembly, the report on the implementation of the State Budget for the 4th quarter of 2019, with data on the implementation of the revised State Budget.

In that period, the average price of a barrel of oil stood at around 62 dollars, 12 per cent above the average price of 55 dollars forecast in the 2019 revision of the State Budget, and production amounted to 124 million barrels.

In the last three months of 2019, the average kwanza exchange rate against the dollar stood at 490.04 kwanzas.

The note also highlights that there was a reduction between the reference exchange rate and the informal market rate, which fell from 150.62 per cent to 22.97 per cent due to the change in the band exchange rate regime to the floating exchange rate regime, where the exchange rate is freely defined by the market.

In the same period, the euro was traded at an average of 545.18 kwanzas.

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