The African Development Bank (AfDB) has praised the Angolan Government for its efforts in improving the fiscal framework and Public Finance Management (PFM) systems used to manage the country’s finances.
The recognition came from the AfDB representative in Angola, Joel Daniel Muzima, who was speaking at the launch of the Report on Public Finance Management and Revision of Trust Systems (PEMFSR) in Angola.
The AfDB manager said that the recognition was deserving due to Angola’s commitment to improving transparency and fiscal efficiency in many areas of government spending.
Among the areas were the reform of the legal framework, with the adoption of the revised General Inspection of Finance (IGF) and the timely and frequent publication of reports on the use of budgetary resources through the use of the Integrated State Finance Management System (SIGFE).
Muzima also commended the country for the progress made in auditing national accounts by the Audit Courts; the adoption of a new acquisition law; the Standard Bidding Documents and the relevant regulations. The country received further praises for its diligence in public spending despite the sharp drop in tax revenues and in the event of weakened oil prices.
According to Muzima, these developments are clear evidence of a positive trajectory of change in global public finance management systems of Angola.