Luanda - The 2022 General State Accounts Report maintained the objectives of macroeconomic stability, the defense of family and company incomes, as well as incentives for the diversification of the country's economy, the Minister of State for Economic Coordination, José de Lima Massano said Tuesday.
Speaking at the National Assembly, on the analysis and final global vote on the Accounts Opinion Report for the 2022 Fiscal Year, the minister reaffirmed that in this period there was a balance in public accounts, which resulted in a 3.1 percent growth during this period.
According to the minister, the 3.1% growth consolidated the exit from the five years of recession observed from 2016 to 2020, with positive developments in practically all sectors, with emphasis on oil performance, which registered a positive variation 0.5% after nine years of contraction.
The minister added that, despite growth, the year was marked by a new cycle of uncertainty generated by the start of the military conflict between Russia and Ukraine, as well as by the significant increase in interest rates to combat inflation, which has reached high levels.
In terms of the economic and budgetary policy, the minister said the government carried out, in 2022, the execution of the public investment program included in the State Budget (OGE), with emphasis on the Integrated Plan for Intervention in Municipalities (PIIM), a public investment public to promote increased quality of life in the country.
Massano highlighted the strong impact the PIIM had on several sectors such as health, education and teaching, transport energy and water, agricultural and livestock production, road infrastructures, telecommunications and information technologies.
As for inflation, the minister reiterated that it stood at 13.8 percent with a 50 percent impact on price stability when compared to 2021.
José de Lima Massano recalled that the execution of OGE-2022 took into account the Public Finance Sustainability Law, a management instrument that aims to improve the implementation of fiscal policy, provide discipline and predictability in budget management.
In 2022, public debt fell by 18 percent compared to the previous year, standing at 65% of Gross Domestic Product (GDP).
The Minister of State highlighted the conclusion of the Expanded Financing Program between Angola and the International Monetary Fund (IMF), which began in 2018, resulting in the strengthening of external accounts and greater sustainability of internal accounts, as well as the perception of risks in the country by the main international “rating” agencies.
He reaffirmed that revenue collection stood at 19.66% billion kwanzas, representing an execution of 105% compared to the approved OGE, while expenses stood at 16.43 billion kwanzas, which allowed a surplus of 3.2 billions of kwanzas.
The fiscal balance also recorded a 536.1 billion kwanza surplus, corresponding to 1.02% of the GDP.
Vera Daves de Sousa, Finance minister, on her turn highlighted that the report contains 20 chapters, where the unemployment rate was lower compared to the previous year, standing at 29.6 percent.
According to Vera de Sousa, in the year under review, the State took on less debt than in 2021, while capital revenues were 74%, around 5.27 billion kwanzas.
The minister said the State had expenses of 16.43 billion kwanzas, with the current one being 7.57 billion kwanzas, the capital expenses 8.86 billion kwanzas, while the execution was of 96% of the total foreseen in the capital expenses and 79% in current expenses, public debt, on its turn, recorded a 45% share of execution of 7.36 billion kwanzas.
The social sector benefited 22% with 3.58 billion kwanzas, followed by the defense and security sector with 2.0 billion kwanzas (13%), the general public services sector 2.1 billion and the economic sector with 1.3 billion kwanzas.
The General State Account Report comprises the accounts of all central and local State administration bodies, services and institutes, autonomous funds, as well as sovereign bodies. OPF/VC/AMP
