Algerian authorities have revised a target oil price in a law on the 2020 budget from $50 to $30 per barrel, the presidential office's spokesman said on Wednesday
CAIRO (Pakistan Point News / Sputnik - 13th May, 2020) Algerian authorities have revised a target oil price in a law on the 2020 budget from $50 to $30 per barrel, the presidential office's spokesman said on Wednesday.
On Sunday, the Algerian government approved a draft supplementary law on the 2020 budget, which, among other measures, provides for the abolition of income tax for those whose salary does not exceed 30,000 dinars ($233).
"The previous budget law was based on the price of $50 per barrel of oil, but now, as you can see, the price of oil has fallen ... The new supplementary law has been recalculated based on the price of $30 per barrel," Belaid Mohand-Oussaid said at a press conference, broadcast by the Algerian channel Ennahar.
According to Mohand-Oussaid, the revised budget takes into account all possible scenarios for the development of the situation both in the long and short term.
On May 3, the cabinet decided to slash budget expenditures, mainly those concerning state agencies' spending, by 50 percent. It came after President Abdelmadjid Tebboune said that the country did not intend to ask for financial assistance from the International Monetary Fund or the World Bank, noting that it was also an issue of national sovereignty.
