Subsidy for fuel consumption in neighboring countries costs Angola US $ 1.3 billion per year
Angolan taxpayers subsidize fuel consumption in neighboring countries, said Angolan Finance Minister Vera Daves de Sousa, in a video conference organized by the department she runs and the Catholic University of Lisbon
The minister announced at the meeting, devoted to the theme “Angola: Structural reforms for economic growth”, that the most adjusted moment for the withdrawal of subsidies that, according to more recent calculations, cost the country 1.3 billion of dollars a year. According to the minister, the smuggling of fuel caused by low prices is detrimental to the national economy, making it urgent to stop this very fertile business in border regions.
On the occasion, she explained that the Kwenda program represents the Government’s strategy of allocating direct subsidies to vulnerable families in substitution for indirect ones, which are given through fuel prices and others. She clarified that it was in this perspective that price subsidies in energy and water, respectively, were eliminated. “The Executive is sure that this is the way,” she said.
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