Luanda - The Angolan Parliament on Thursday, in Luanda, authorized the execution of the General State Budget (OGE) for the 2025 financial year, which foresees a an economic growth of around 4.14%.
The document was approved with 119 votes in favor, 78 against and four abstentions, forecasting an increase in revenues and expenses of 40.13%.
The 2025 OGE presents four fundamental axes, namely, more income, food security, robust economy and finances.
It also foresees the expansion of consumption of goods and services produced in the national territory, establishing the Legal Regime of Incentives for National Production, through the vehicle of public contracting entities.
The Budget foresees a reduction in Value Added Tax (VAT) on production equipment, from the current 14% to 5%, maintaining the payment term of up to 24 months, launched in 2023.
The document also includes measures to support investment in food security, through the restructuring and boosting of the cereals and grains sector, strengthening agricultural mechanization, fundamentally with regard to family agricultural production.
The 2025 OGE estimates revenues and expenses in the order of approximately 34.6 billion kwanzas.
This Budget was prepared based on an oil price of 70 dollars per barrel and an oil production of over 1 million barrels of oil per day.
It is expected a lower inflation around 16.6%, compared to the accumulated inflation rate of 23.4% expected until the end of 2024.
The OGE is the main economic and financial policy instrument of the Angolan State which, expressed in terms of values, for a defined period of time, demonstrates the plan of actions to be carried out and determines the sources of financing.
ASS/MRA/jmc
