Algerian President Abdelmadjid Tebboune approved the supplementary budget for 2020, submitted by the government of Abdelaziz Djerad, which came under pressure from the collapse of oil revenues and the Algerian economy being affected by the outbreak of the Corona pandemic.
The additional budget will allow the government to pump between 20 to 30 billion dollars in the first budget estimated at 64 billion dollars, to absorb the losses of "Corona" on the economy, in addition to covering some of the falling oil revenues.
The Algerian government also decided to raise the reduction of the management budget from 30% to 50%. The reduction includes the expenditures of the state and its affiliated institutions, and to inject the difference in the public spending budget directed towards the support and supply budget.
On the social level, the government decided to abolish the tax on incomes on wages that are less than or equal to 30 thousand dinars (240 dollars) starting from next June, and this step is one of the most important promises made by Algerian President Abdelmadjid Tebboune in his campaign, before his election in December 12, 2019.
The government was also forced to adjust its financial forecasts, under pressure of falling oil revenues, as it expects the country’s hard currency reserves to fall from $51.6 billion, as defined in the current budget, to $44.2 billion in its supplementary budget.
Source (New Arab newspaper, Edited)
