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From the Constitution, Friday, November 16, 2018.
The Algerian People's Assembly voted unanimously on the Finance Act 2019 (State Budget), which includes a deficit of over $ 17 billion, with the expected fall in fuel exports, the main source of foreign exchange.
The budget was approved on the basis of a reference price of a barrel of oil at 50 dollars and the exchange rate of 118 dinars per dollar.
The budget shows that revenue will reach 6507.9 billion dinars (over 55.15 billion dollars), of which 23 billion dollars in fuel, compared to total estimated spending over 72.51 billion dollars (a deficit of about $ 17.36 billion.
Like last year, the state has allocated 20% of its budget to finance social benefits and to support consumer goods, mainly for grain, sugar, oil and milk fuel.
The bill is expected to increase by 2.9 percent in 2019 and an inflation rate of 4.5 percent.
Twenty-one Members proposed amendments to the bill, most of which were rejected, in particular the amendment imposing labor taxes on the Labor Party that was not voted "due to the lack of a computer system" allowing the verification of the wealth of each according to the Finance and Budget Committee report.
Algeria is funding its exports of foreign exchange reserves, which have diminished continuously since the collapse of oil prices in the summer of 2014.
In 2014, this reserve was $ 195 billion, while it is expected to fall to $ 62 billion by the end of 2019, in line with the budget law.
Finally, we thank the visitors and followers of the East Times website and we promise to give you all the latest and most important news from all reliable news sources. We have transferred over 20 billion dollars in the budget deficit in 2019. The source is responsible for news health.
Source: Constitution
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