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Lower House deputies adopt Complementary finance bill 2020

Published on : Sunday, 31 May 2020 19:38   Read : 104 time(s)
Lower House deputies adopt Complementary finance bill 2020

ALGIERS- The National People's Assembly (APN) deputies adopted, Sunday, by the majority the complementary finance bill (PLFC 2020) during a plenary session chaired by Slimane Chenine, Speaker of the Lower House.

The vote session has been attended by members of the Government.

Deputies of the MSP Alliance and those of the Nahda-Adala-Bina Alliance voted against the complementary finance bill while the other political parties that participated in the voting session approved the bill.

The PLFC 2020 provides for a drop in budgetary expenditure to 7,372.7 bn DA (bn DA) against 7,823.1 bn DA in the initial Finance Law (LF).

Budget revenue would also decrease to 5,395.8 bn DA against 6,289.7 bn DA in the initial FL

The budget deficit is projected to hit 1,976.9 bn DA (-10.4% of GDP) against 1,533.4 bn DA in the initial LF (-7.2% of GDP).

The PLFC 2020 has lowered the reference price for oil barrel from 50 to 30 dollars and the market price from 60 to 35 dollars, amid the sharp fall in oil prices in recent months.

Lower House deputies adopt Complementary finance bill 2020