ALGIERS- Signed last Sunday by the President of the Republic, Abdelmadjid Tebboune, the Finance Bill for the 2023 financial year was published this Thursday in the Official Gazette (n 89).
The law was adopted on November 22 by the People’s National Assembly (APN), then on December 8 by the Council of the Nation.
The Finance Bill 2023 proposes a series of measures in support of investment and taxes, as part of the new budgetary approach focused on the goals for more efficiency and transparency.
As regards the macroeconomic framework, the budget for 2023 is based on a reference price of 60 dollars a barrel and a market price of 70 dollars.
The text of the law provides for a growth rate of 4.1%, i.e. inflation of 5.1%, exports of 46.3 billion dollars, imports of 36.9 billion dollars, and foreign exchange reserves of 59.7 billion dollars.
The forecast revenues for 2023 are 7901.9 billion dinars (+4), while the expenditures are 13786.8 billion dinars, including 9767 billion dinars of operating expenses, a budget deficit of 4092.3 billion dinars (-15.9% of the GDP).
Speaking at a plenary session chaired by Brahim Boughali, Speaker of the Lower House, on the presentation of the draft bill 2023 before the People’s National Assembly (Lower House), The Minister of Finance, Brahim Djamel Kassali said that the growth rate should be 4.1% in 2023, then 4.4% in 2024 and 4.6% in 2025, due to the performance of all sectors except that of hydrocarbons which will be more stable in 2023 and 2025.
The minister said that the sector of Agriculture should grow by 6.9% in 2023, 5.5% in 2024, and 5.7% in 2025, while that of Industry should record a rate of 8.5% in 2023, then 9.6% in 2024 and 9.3 in 2025.
The sector of Construction and Public Works (BTP) should record a growth rate of 5.6% in 2023, 3.9 in 2024, and 4.5% in 2025.
After stating that the bill “will establish a new mode of public financial governance based on the budget of programs and objectives,” the minister recalled that the state continued, despite the difficult international situation, the operation of economic recovery through the establishment of a sustainable economy creating wealth and jobs.
“The year 2023 will be marked by the continuation of efforts and measures taken during the current year to preserve and strengthen the purchasing power of citizens through the revision of the salary grid and the revaluation of unemployment benefits, in addition to boosting the public and private investment program to ensure comprehensive growth,” he continued.