Luanda 16/6/09 - The Finance minister, Severim de Morais, said Tuesday in Luanda that the revised State's General Budget for 2009 guarantees the coverage of the minimum compulsory spending of the state, despite the reduction in crude-oil prices, which has recently gone from USD 55,00 to USD 37,00 a barrel.
The official gave this guarantee at the end of a meeting between the government's economic team and the Speaker of the National Assembly, Fernando da Piedade Dias dos Santos, during which it was officially submitted the proposals of revision of the National Plan and State's Budget for 2009.
According to the minister, the government has been careful enough to manage to increase and keep at acceptable levels, in relation to the previous budget, the spending in education and health, providing strong protection against the depreciation of oil price.
“These two sectors, besides the salaries for the public service, have been strongly protected”, Severim de Morais explained, adding that the current revised budget will enable a smooth execution of the National Plan in regard to big projects of public investments”.
According to government official, the current budget has an article which states that any surplus in revenue, caused by the increase in crude-oil price, will be transformed into a reserve of the National Treasury, at the instruction of the head of the government.
“This means that if the price remains in the same levels as today, there will be a surplus in income, but this surplus is not to be spent. It is placed in the reserve account of the National Treasury and, it is necessary, namely to guarantee the execution of more investments, the government will take the decision of demobilising the reserve” clarified the Finance minister.