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Thursday, April 18, 2024 21:22 GMT
The National People's Assembly (APN) deputies adopted, Sunday, by the majority the complementary finance bill (PLFC 2020) during a plenary session chaired by Slimane Chenine, Speaker of the Lower House. The vote session has been attended by members of the Government. Deputies of the MSP Alliance and those of the Nahda-Adala-Bina Alliance voted against the complementary finance bill while the other political parties that participated in the voting session approved the bill. The PLFC 2020 provides for a drop in budgetary expenditure to 7,372.7 billion Algerian Dinars (US$57.515 billion) against 7,823.1 billion Algerian Dinars (US$61.028 billion) in the initial Finance Law (LF).Budget revenue would also decrease to 5,395.8 billion Algerian Dinars (US$42.093 billion) against 6,289.7 billion Algerian Dinars (US$49.066 billion) in the initial FLThe budget deficit is projected to hit 1,976.9 billion Algerian Dinars (US$15.422 billion) which would be -10.4% of GDP against 1,533.4 billion Algerian Dinars (US$11.962 billion) in the initial LF (-7.2% of GDP).The PLFC 2020 has lowered the reference price for oil barrel from US$50 to US$30 and the market price from US$60 to US$35, amid the sharp fall in oil prices in recent months.