Luanda - The Executive's fiscal policy for 2022 will continue to be guided by the strengthening of the conditions of the Public Treasury and the sustainability of public finances, the Minister of Finance, Vera Daves has said.
In her opinion piece, released on Tuesday in the daily newspaper “Jornal de Angola”, the official said that other axes of social development and economic promotion are associated with this intention.
According to the minister, the budgetary consolidation is simply the set of political measures adopted by the Executive aimed to reduce the structural deficit and, therefore, the accumulation of debt.
The official recalled that before the fall in oil prices in June 2014, the public accounts showed a non-oil primary deficit (the structural deficit) of more than 30% of non-oil Gross Domestic Product (GDP).
Vera Daves explained that following the fiscal consolidation that has begun, this deficit has gradually narrowed throughout this legislature, reaching around 7% of non-oil GDP in 2020.
The minister of Finance recalled that the estimates, when the OGE was handed over to the National Assembly, were that it would close, in 2021, at around 6% of non-oil GDP, or if we prefers, to around 4.1% of the World GDP.
“Similarly, it has been possible to achieve positive primary balances in recent years. The primary fiscal balance is the difference between tax revenues and tax expenditures, excluding public debt charges,” she pointed out.
The minister predicted the creation of primary surplus of 5.5 percent of GDP in the state budget for 2022.
