Luanda, May 21, 2025 (Lusa) - Angola's Minister of State for Economic Coordination, José de Lima Massano, said on Wednesday that the government remains committed to overcoming the challenges of diversifying the economy, particularly its excessive dependence on oil.

"This is the only way to build a sustainable economy, free from the volatility and vulnerabilities we experience today, which result from our dependence on a single export product [oil]," he said during the discussion of the 2023 General State Account (CGE) balance sheet, which is taking place on Wednesday in Parliament.

Massano pointed out that the economy's performance that year was influenced by an adverse international environment, marked by restrictive monetary policy measures adopted by the central banks of the world's major economies.

Even so, he pointed to the positive impact of government policies, which was reflected in Angola's improved position in the Human Development Index (HDI).

According to the United Nations Development Programme (UNDP) report published in May, Angola rose two places in the global ranking, from 150th to 148th among 193 countries assessed.

The secretary of state for the budget, Juciene Cristiano dos Santos, revealed that in 2023, revenues of 20.33 trillion kwanzas (€19.5 billion) were collected, representing 101% of the 2023 state budget . Expenditure, in turn, totalled 20.1 billion kwanzas (€19.4 billion), corresponding to 100% execution and an increase of 22% compared to 2022.

She pointed out that the increase in expenditure was mainly due to higher debt interest charges, subsidies, employer contributions and other transfers. The overall budget balance showed a surplus of 235.57 billion kwanzas (€226 million).

The secretary of state also pointed out that 2023 marked the beginning of a new cycle of governance and the continuation of structural reforms, with a visible impact on domestic revenue collection and the extension of public debt maturities.

DAS/AYLS // AYLS

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