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PR promulgates State Budget law for 2020 on the last day of 2019

Praia, Jan 2 (Inforpress) – The President of the Republic (PR), Jorge Carlos Fonseca, promulgated this Tuesday, December 31, the State Budget (OE) law for 2020, which comes into force today.

The Head of State made this announcement in a first-day publication, January 1, on his Facebook social page, where he also spread his New Year’s message.

The State Budget for the economic year 2020 is 73 billion escudos and was approved on December 14 with 36 votes in favor of the MpD and 26 votes against by the opposition, 23 from PAICV and three from UCID.

It forecasts Gross Domestic Product (GDP) growth of between 4.8% and 5.8% and the reduction of the budget deficit to 1.7%. Expected inflation remains at 1.3%, the unemployment rate is expected to fall from 12% in 2019 to 11.4% and public debt is expected to fall from 120% of GDP in 2019 to 118% of GDP.



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