Africa-Press – Angola. The Minister of State for Economic Coordination, José de Lima Massano, highlighted, this Wednesday, in Luanda, that the proposal for the General State Budget (OGE) for 2024 pays special attention to reducing social inequalities and protecting the income of families and workers.
When reading the message from the President of the Republic, in the chamber, within the scope of the approval, in general, of the OGE 2024, he indicated that the proposal concentrates on the social sector a weight of 20%, only surpassed by debt service.
He highlighted, within the scope of the proposal under consideration, the improvement of social assistance programs for the most vulnerable, access to health and education, the fight against malnutrition, as well as the economic empowerment of women.
According to the communication, despite the need to increase tax revenue and reduce expenses, the amount at which workers’ income will be taxed has been increased, up to 100 thousand kwanzas, along with the increase in public employee salaries. by 5 percent.
He added that, to make social policies sustainable and build a more balanced society with opportunities for all, it will be necessary to ensure more robust and sustainable growth in the economy, particularly in the non-oil sector.
In this context, he referred to the measures announced by the Executive that, throughout 2024, will influence the growth rate of the national economy.
Among the measures announced by the Executive include the mandatory purchase, by public entities, of products “made in Angola”, whenever available and the definition of guaranteed minimum prices for essential goods produced in the country, whose operationalization will begin with the agricultural campaign 2023-2024.
The ongoing Rice Culture Promotion Plan was also highlighted, which will progressively reduce import needs, along with the cultivation of coffee and cotton.
In the field of corporate agriculture, among various stimulus measures, he highlighted the deduction, in terms of industrial tax, of costs incurred by the private sector in the construction of infrastructures such as roads, bridges, mini-hydro plants, electrical stations or irrigation canals.
Also to support the private business sector and facilitate access to credit, in addition to the capitalization of the Development Bank of Angola and the Agricultural Development Fund, it announced the availability of sovereign guarantees worth 330 billion kwanzas, to support initiatives that contribute directly to the creation of jobs and the resilience of the economy.
Lobito Corridor
In front of the hemicycle, the Minister of State assured that the Lobito Corridor, within the scope of the OGE 2024, will have a different approach.
He revealed that studies are nearing completion that will outline the path to creating business opportunities for national and foreign private investors along the corridor, especially in agribusiness and the manufacturing industry.
In addition, he informed that the privatization program will be continued, maintaining the commitment to pursuing a market economy, with the private business sector assuming a decisive role in the supply of goods and services in adequate quantity and quality.
He pointed out that the Executive will continue with the completion of projects included in the Integrated Program for Intervention in Municipalities (PIIM), as well as large-scale public works, with emphasis on the sectors of health, education, energy and water, transport, roads, urbanism and housing.
He added that the various initiatives will contribute to boosting national production chains with a positive impact on economic growth and, consequently, on the supply of jobs.
According to the official, it is expected that, in 2024, the non-oil sector will grow by around 4.6% and Global GDP is expected to grow by 2.8%, due to the negative impact of the oil sector, which is expected to decline by 2.5%.
Regarding inflation, he said that it is expected to ease next year, but it should still remain above single digits, “as relevant reforms will continue, including the progressive optimization of operational subsidies and price subsidies”.
“The year 2024 will be demanding, but we are determined to continue with the necessary reforms and programs so that, with everyone’s engagement, we can build the prosperity and social well-being of our population”, he concluded.
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