Government-by-Government Assessments: Angola
During the review period, the government made significant progress by publishing and updating information on debt obligations, including state-owned enterprise debt. The executive budget proposal, enacted budget, and end-of-year report were widely and easily accessible online to the public within a reasonable period. The information in the budget was considered generally reliable, although financial allocations to and earnings from major state-owned enterprises were not included. The supreme audit institution did not meet international standards of independence, verify the government’s annual financial statements, or effectively follow-up on findings. While audit reports contained substantive findings, recommendations, and narratives, they did not cover the entire annual executed budget. The government specified in law or regulation and appeared to follow in practice the criteria and procedures for awarding natural resource extraction contracts and licenses. Basic information on natural resource extraction awards was publicly available. The sovereign wealth fund had a sound legal framework and disclosed its source of funding and general approach to withdrawals.
Angola’s fiscal transparency would be improved by:
- Including financial allocations to and earnings from major state-owned enterprises in the budget; and
- Ensuring the supreme audit institution meets international standards of independence, publishes audit reports that cover the entire annual executed budget, verifies the government’s annual financial statements, and effectively follows up on findings.