December 13, 2007

Parliament approves 2008 budget

The State Budget for 2008, an instrument for the management and implementation of Government's economic policy, estimated at 2.5 trillion Angolan Kwanzas (Akz), was approved Thursday in Luanda by the National Assembly (Angolan Parliament), with 113 votes in favour, 32 against and 12 abstentions. The State Budget comprises of expenses and revenues for organs of the State's central and local administration, of the public institute, autonomous services and funds and subsidies and transferences to be made for public utility firms and institutions.
The 2008 State Budget has for the first time in its history made provisions for the financial decentralisation of 68 districts of Angola's 167. The 2008 Budget makes provisions for the financial decentralisation of 68 districts of several provinces, with a view to a financial autonomy and local administrations' actions concerning their dependence on the provincial governments. The decentralisation of public finances, that is part of the Angolan Government's effort to improve the presentation of the quality of the State Budget, aims mainly at the creation of conditions for the implementation of programmes of socio-economic impact and contribute for the development and end of regional imbalances. (Angola Press Agency, Luanda)

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