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Angola fuel subsidies expected to reach $4.2 billion

By , based on Expansao

Angola fuel subsidies expected to reach $4.2 billionmaccanti · CC BY 2.0

Angola’s fuel subsidies are expected to reach 3.8 trillion kwanzas, or $4.2 billion, this year, according to Secretary of State for Finance and the Treasury Ottoniel dos Santos. The increase, more than twice the budget forecast, could prompt the government to accelerate the reform launched in 2023, reports Expansão.

If the expected increase is confirmed, Angola’s spending on fuel subsidies would reach 15.1 trillion kwanzas since 2019, equivalent to $21.4 billion calculated using the average exchange rates for each year, according to Expansão’s calculations. The secretary of state said the government also intended to guarantee fuel supplies and expand cash transfers for vulnerable households.

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