Africa-Press – Angola. The General State Budget (OGE) for the 2024 financial year is already published in the Diário da República and comes into force from today, Monday (1/1), while its execution begins this Tuesday , January 2nd.
For the current year, the main instrument of the Angolan State’s economic and financial policy sets revenues in the amount of more than 24.7 billion kwanzas and an equal amount for planned expenses, representing an increase of 22.94% compared to the OGE/2023 .
According to Law No. 15/23, of December 29th (OGE Law/2024), after its parameterization in the Integrated State Financial Management System (SIGFE) and the allocation of financial quotas, the Ministry of Finance makes public to the Budgetary Units that the conditions for the immediate execution of the OGE/2024 are met.
Approved by the National Assembly on December 13, 2023, OGE/2024 estimates an average price per barrel of oil of 65 US dollars and an average daily production of one million and 60 thousand barrels, predicting an annual production of around 388 million barrels.
This document also predicts an inflation rate of 15.3% and a real growth in Gross Domestic Product (GDP) of 2.84%, the result of a 2.6% reduction in oil GDP and an increase of 4.6% of non-oil GDP.
The respective financial plan also envisages reducing the government debt ratio to 69.2% of GDP, in addition to other structuring measures, such as increasing the Labor Income Tax (IRT) exemption threshold of seventy thousand to one hundred thousand kwanzas and the adjustment of 5% of the Civil Service salary.
The Government’s structuring measures also include the Operationalization of the National Employment Fund, with ten billion kwanzas, the implementation of the Special Contribution on Foreign Exchange Operations (CEOC), applicable to transfers in foreign currency outside Angola, with a rate of 2 .5% for individuals and 10% for legal entities, among others.
On the other hand, for 2024, the Budget Execution Rules provide that the Minister of Finance authorizes the Budgetary Units to use their own revenues collected, to carry out expenses with a public investment nature.
Within the framework of deconcentration at the level of public finances, provincial Finance delegations may authorize the relocation of financial quotas in expenses included in the budget, from the same authorizer, which contribute to the increase in fixed capital.
With a view to promoting national production, the implementing rules of OGE/2024 also encourage public entities to favor national products and services, within the scope of public purchases, a premise that the Executive considers important for the valorization of local goods.
The General State Budget is the main instrument of the economic and financial policy of the Angolan State, which demonstrates the plan of actions to be carried out, as well as determining the sources of financing for a given period.
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