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FINANCIAL NEWS
Algeria approves 14pct spending cut by 2017
05 Oct 2016
(MENAFN) Algeria approved 14 percent cut in its spending for next year, after a 9 percent reduction in this year in order to cope with the fall in oil prices.
Moreover, the government also predicts a budget deficit of 8 percent of GDP, down from 15 percent this year.
Additionally, the proposal is based on a price of USD50 per barrel for crude oil on global markets, while oil and gas account for 95pct of Algeria”s export income.
Meanwhile, it also started raising subsidies on gasoline, diesel, gas and elect prices for the first time in more than a decade.
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