Angola Oge Revised Tender

The expenses are set at an equal amount based on the reference price of 55 dollars per barrel of oil according to the statement issued by the 4th ordinary meeting chaired by President Joao Lourenco. The OGE-2019 revision according to the document arises from the need to adjust the current amount of revenues and expenses to the new economic reality based on a reduction in tax revenue motivated by the intensification of oil price volatility in the international market.The volatility of the price of crude the note says has created macroeconomic imbalances hampering the implementation of the State Budget and jeopardizing the achievement of macroeconomic strategic objectives. The OGE for 2019 approved in December last year includes revenues and expenses amounting to 11.2 billion kwanzas. The amount had been projected based on the price of a barrel of crude at 68.During the session the balance sheet report of the Macroeconomic Stabilization Program for 2018 was approved a document that reports on the state of play regarding the implementation of the measures adopted by the Executive in order to overcome the constraints and imbalances in various sectors of the economy and to improvement of macroeconomic indicators.In essence the statement said the macroeconomic stabilization programs balance sheet points to a recovery even if still timid of the main macroeconomic indicators of the national economy.In the area of public finances the report on the implementation of the Budget for the fourth quarter of 2018 was approved which presents data on the execution of the General State Budget including the budget financial and equity balance sheets and the statement of budgetary variations .During the reporting period revenues amounting to KR 2664775 million were collected totaling KR 2832342 million resulting in an overall deficit of KRN 167587 million. The meeting also approved the Treasurys financial programming for the second quarter of 2019 which presents the inflows of funds payments financing operations and risks associated with financial implementation during the period under review.The meeting also approved the balance sheet report of the National Treasury Cash Plan for February 2019 which reflects the performance of the main assumptions that were the basis of its preparation inflows and outflows of funds and execution of the expenditure with and without treasury incidence.Import InsuranceThe Economic Commission of the Council of Ministers also approved the presidential decree that regulates the Contracting of the Import Insurance of Goods with a view to putting into practice one of the recommendations of the United Nations Conference on Trade and Development UNCTAD.UNCTADs intention is that all developing countries which are essentially importers should make it compulsory to purchase goods insurance with insurers from their own States thereby avoiding the flight of capital abroad.In the area of Economics and Planning the Economic Commission approved the Timetable and Action Plan for the review of the long-term development strategy Angola 2025 for the 2050 horizon a document that establishes a governance model that guarantees adequate supervision and regular monitoring of the implementation of the same strategy in order to produce the expected results.The document proposes that the general supervision be quarterly and be exercised by the Council of Ministers and its specialized committees and that the monitoring be regularly carried out by the Ministry of Economy and Planning through a technical unit.Restructuring of ENANAAs part of the reorganization of the public business sector the Commission approved the restructuring and spin-off of the Empresa Nacional de Exploracin de Aeroportos y Navegacin Area ENANA EP. Thus ENANA was transformed into a fully public commercial capital company called the National Airport Management Society with the purpose of operating the airport service in support of civil aviation.The National Air Navigation Company was created to explore only the navigation activities thus separating the attributions and responsibilities related to the operation and management of airports. The Regulations on Good Practices in Lending a document containing guidelines on the terms and conditions of credit agreements and procedures for evaluating the creditworthiness of clients to be considered by the banking financial institutions were also under analysis.The Economic Commission also approved the report analyzing the main factors that were the origin and destination of foreign exchange traded in the foreign exchange market in 2018 and the BNA Report of Accounts for the same year document that allows the proper assessment of economic and financial performance this institution in view of the national and international economic framework.