Algerian cabinet approves 2018 budget of 133 billion USD
Algerian Council of Ministers headed by President Abdelaziz Bouteflika on Wednesday approved the budget for 2018 before submitting it to Parliament for approval, Algeria Press Service (APS) reported.
The budget was set at 15,149 billion dinars (about 133 billion dollars) while the deficit decrease from 14 percent of Gross Domestic Product in 2016 to 9 percent in 2018.
APS quoted the Cabinet's statement as saying that the government has set the value of the management expenditure at 8,628 billion dinars (about 76 billion dollars) while revenues were estimated at 6521 billion dinars (about 57 billion dollars).
The country's difficult financial situation due to the sharp decline in the country's revenues since 2014, which will reach 31 billion dollars in 2017, has not prevented the government from allocating 1,760 billion dinars (about 16 billion U.S. dollars) to social subsidies that arrives at 1,630 billion dinars in 2017.
These subsidies are directed to support policy for families, housing, health and subsidizing the prices of high-consumption items such as wheat, other cereals, milk, sugar and edible oils.
The draft budget approved for the first time a tax on the wealth of people. Enditem