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Angolan parliament approves smaller budget

Sep 19 2016 17:40

Luanda - Angola's parliament on Monday approved a smaller 2016 budget than it had originally planned, after lower oil prices hammered state revenues in Africa's largest crude exporter.

The finance ministry said in July government that spending would be cut to $24bn from $30bn projected in the original 2016 budget after projected revenues were slashed to $18 billion from $24.4bn.

"The 2016 state budget revision that we just approved is a necessary and totally justifiable exercise from the economical and social point of view due to the evolution of the oil price in the international market," ruling party lawmaker Pedro Sebastião said.

Oil prices have dropped more than 60% since 2014, hurting the revenues of oil-producing countries.

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