Angola has announced the capitalisation of National Employment Fund in Angola (FUNEA), with an initial value of 589.92 billion kwanzas (kz), from the National Treasury and other sources of income.

FUNEA comprises a set of financial assets, mainly term and demand deposits.

The objective is to create and support public and private projects and initiatives that generate employment.

The Presidential Decree nº.133/23, of June 1, which creates the Fund is already in the Official Gazette (Diário da República).

The measure was approved on Tuesday by the Economic Commission of the Cabinet Council, chaired by the president João Lourenço.

For the 2023 financial year, 25 billion kwanzas is available for FUNEA.

This value will be executed in the current six-month period.

ANGOP learnt that now FUNEA’s revenues are annually registered with the General Budget (OGE), up to the limit of the capitalisation referred to in accordance with the financial programming of the Executive.

Subject to regular annual audits, the management body of FUNEA submits to the ministerial departments in charge of the Public Finance, Economy and Labour Sectors the quarterly reports containing information that ensure the evaluation of the management of the financial resources made available to them, as part of the management agreement.

The Fund is also subject to control by the General State Administration Inspectorate (IGAE).

Source: Angola Press News Agency (APNA)