According to a Government statement, the Economic Commission of the Council of Ministers considered the proposed law approving the revised OGE for 2020, whose revenues and expenses are estimated at 10.407 billion kwanzas, “based on the reference price of US $ 33 dollars per barrel of oil ”.
The review of the OGE 2020 "stems from the need to adjust the current amount of income and expenses to the constraints imposed by the current global and national economic context characterized by the strong negative impact of the pandemic caused by the covid-19", the note states.
The OGE 2020, with revenues and expenses in the amount of about 15 billion kwanzas, was prepared at an average price of a barrel of oil at 55 dollars, of which more than half was used to service the public debt.
At the end of March, Finance Minister Vera Daves anticipated that the OGE review would be based on a set of assumptions, namely the impacts of the new coronavirus, admitting that the reference price of a barrel of oil “will certainly not exceed 35 dollars”.
The Economic Commission also considered the proposed Public Finance Sustainability Law, which establishes the rules and instruments that govern the application of the State's fiscal policy and the management of public finances, "oriented towards budgetary and financial stability and sustainability, taking into account in view of inclusive and sustainable economic growth and job creation ".
At the meeting, the law establishing the legal regime applicable to the issuance of invoices and receipts by purchasers of goods and services, in substitution of their suppliers, conveyors of goods or service providers, was also approved.
This legal diploma "applies to entities with tax residency in Angola, which have accounting, and who in the exercise of their economic activities acquire, in the national territory, products from the sectors of agriculture, forestry, aquaculture, apiculture, poultry, fisheries, livestock and others ", in cases where the transmission is made by natural persons" without the capacity to issue invoices or equivalent documents ".
The Economic Commission of the Council of Ministers also approved the new regulation on the activity of credit guarantee companies.
The objective of this new regulation is the adjustment of companies “to the needs of the current financial system, through the reinforcement of adequate mechanisms to facilitate access to credit, overcoming the constraints with which micro, small and medium-sized companies, cooperatives or other forms of organization they encounter ”to continue their activities.
In the field of agriculture, the Integrated Family Agriculture Plan was also approved. This instrument, according to the communiqué, aims to improve food and nutritional security in the country, “through the increase in productivity and agricultural production, fishing and aquaculture”, as well as “the increase in the number of jobs, household income and consequently, of economic growth, allowing diversification of exports and substitution of imports".
