According to a statement from the ministry, the regulation approved Monday by the Economic Commission of the Council of Ministers provides, in the case of contracts signed with non-resident foreign-exchange entities, in foreign currency and which provide for payments in national currency, that an update of the debt will be made using as a reference the exchange rate in force at the National Bank of Angola on the date of the claim.
However, in the case of foreign exchange resident entities (companies based in Angola), "it is expressly forbidden the possibility of updating the exchange rate of contracts signed taxatively in national currency.
The process of settlement of arrears outside the Integrated State Financial Management System (SIGFE) will be made taking into account the seniority criterion, excluding from the application of the regulation all public companies that enjoy administrative, patrimonial and financial autonomy, as well as the debts that have already been subject to a settlement agreement.
All debts incurred by budgetary units that have complied with the budget execution rules are eligible for payment. Some exceptions are also admitted for contracts that aim to meet an unpostponable public interest; that are included in the National Development Program in force at the time of contracting; that have been fully executed; or that have been concluded at market prices.
Under the new regime, the General Inspectorate of State Administration (IGAE) will be responsible for validating and certifying debts and the Ministry of Finance will be responsible for the payment process.
