Thu, 01 Dec 2022

ALGIERS, Nov. 22 (Xinhua) -- The Algerian People's National Assembly, or lower house of the Parliament, overwhelmingly adopted the Budget Bill 2023 during a plenary session on Tuesday.

The bill proposes a series of measures aiming at boosting investment, as part of a new budgetary approach centered on objectives for greater efficiency and transparency, the APS news agency reported.

The bill is based on 60 U.S. dollars as a reference price for a barrel of oil and 70 dollars as a market price.

The bill predicts an economic growth rate of 4.1 percent, while inflation is set at 5.1 percent. It also predicts that exports to reach 46.3 billion dollars, imports to hit 36.9 billion dollars, and foreign exchange reserves to rise to 59.7 billion dollars.

The bill will be set for debate and a vote at the Council of the Nation, or upper house of the Parliament, before being signed by the president into law.

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