Mozambique: President enacts 2019 State Budget

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Mozambique: President enacts 2019 State Budget

6:42 CAT | 14 Dec 2018

Photo: presidencia.gov.mz

Mozambican President Filipe Nyusi on Friday enacted the State Budget Bill for 2019, the Mozambican presidency announced in a statement.

“The aforementioned law was recently approved by the Assembly of the Republic and submitted to the President for enactment, and the Head of State verified that it does not contradict the Basic Law,” said the statement.

The State Budget for 2019 includes revenues of 249 billion meticais (€3.580 billion) for total expenditure of 340 billion meticais (€4.885 billion).

The majority of expenditure, 57.8%, is directed towards operating expenses, 30% for investment and 12.2% for financial operations.

The overall deficit (as a percentage of GDP) is expected to increase from 8.1% this year to 8.9% in 2019, mainly due to the increased expenses with the general elections of 15 October and the start of investments in the natural gas area.

In 2017, according to the general State accounts, the deficit was 4.6%.

In the Mozambican parliament, the government majority of the Mozambican Liberation Front (Frelimo) voted in favour and the opposition, made up of the opposition benches of the Mozambican National Resistance (Renamo) and the Movimento Democrático de Moçambique (MDM) voted against the budget.

Source: Lusa