The Algerian cabinet decided to cut spending by 30%, along with other measures to counter the consequences of the Corona virus and the significant drop in oil prices.
The government informed during the meeting, which was chaired by the Algerian President Abdelmadjid Tebboune, of the Ministry of Finance's decision to postpone the study of the supplementary finance law until the evaluation of the implications of financial measures taken at the government level, and the development of the situation in the world.
The President of the Republic, Abdelmadjid Tebboune, announced a series of procedures that will be implemented immediately, as follows:
· Reducing the value of the import bill from 41 to 31 billion dollars.
· Reducing the running budget expenses by 30%, without prejudice to the salary burdens.
· To stop concluding studies and services contracts with foreign offices, which will save Algeria about seven billion dollars annually.
· Retaining without prejudice the expenditures associated with the health sector, and strengthening means to combat the outbreaks of the Corona virus and epidemic diseases in general.
· Maintaining without prejudice to the expenditures associated with the education sector.
· Sponsorship in the supplementary finance law, when preparing it, of the losses of dealers affected by the outbreak.
· Entrust the national company, Sonatrach, with a reduction in the burden of exploitation and investment expenses, from 14 to 7 billion dollars, in order to maintain the exchange reserves.
· Encouraging further financial inclusion by facilitating loan granting and focusing on digitization and innovative products.
Source (Al-Arabiya.net Website, Edited)
