The Algerian government is moving, through the new draft budget, to take hard economic decisions, in a move aimed at restoring financial balance after it has been exhausted during the last two years under the influence of internal political conditions, the repercussions of the fall in oil prices and the leftovers of the Corona pandemic.
The draft budget offers the gradual lifting of subsidies for foodstuffs of large consumption, and for the devaluation of the local currency by five percent.
The Algerian government announced the economic indicators of the Finance Law for the New Year (2021), which included for the first time the courage to break economic and social prohibitions that remained a card for political auctions after it announced directly its intention to gradually increase the subsidy on some consumer goods and reduce the value of the currency compared to the US dollar, despite what the step has risks and implications for the social front.
The Minister for Relations with Parliament, Basma Azwar, during her presentation of the outlines of the new finance law before the Parliamentary Finance Committee, presented the government's recognition of "the special economic and financial context, which was further characterized by a very serious global health crisis, with unprecedented consequences for all economic clients represented in the state, the financial and non-financial institution, as well as families," stressing that "the state is facing financial pressures that have resulted in great tensions in the state's treasury, which were exacerbated by taking care of the financial effects of the Corona pandemic on public health, companies, workers and families with low incomes."
Source (Al-Arab Newspaper-London, Edited)
