Angola: Economic Commission Analyzes Oil Price Impact

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Luanda — The Economic Commission of the Cabinet Council, in a meeting led by the President of the Republic, João Lourenço, approved Tuesday a Memorandum on the Impact of the Increase of the Price Oil.

The document is an instrument that describes the recent evolution of the price of crude oil (the country’s main export product in revenue and treasury management) in the international market, the performance of oil revenue and treasury up to the third quarter of 2018 and on the outlook for the fourth quarter. The memorandum also highlights the fact that the rise in the price of oil reflects positively on the budget revenue. In the period from January to September this year, the oil revenue differential reached about USD 3.6 billion.

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According to the final communiqué of the session, the amount has been used to cover public spending, especially with domestic and foreign debt service, as levels of funding and non-oil revenue are still very low. In the area of public contracting, the Angolan government’s economic team has considered a regulatory package on rules and regulations aimed at mitigating the risks of civil, administrative and criminal illicit activities.

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The rules on the package outline the actions of the actors involved in the public procurement process by applying principles on ethics in the formation and execution of contracts by officials and other administrative agents that are part of this procedure, under the terms of the Public Procurement Law.

During the session, the Financial Stability Report for the first half of 2018 was also evaluated a document that identifies potential risks to the Angolan financial system, making them known to the market. The report analyzes the macroeconomic situation indicating that, over the same period, financial stability has shown improvement in the main internal risk indicators and increased the vulnerability of fiscal and external risks.

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The Economic Commission of the Council of Ministers is charged with dealing with the macroeconomic agenda of the Executive and ensuring the conduct of macroeconomic management, in harmony with the objectives and economic priorities of the Governance Program of the President of the Republic.

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