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Prime minister: Finance Law 2022 reflects state will to preserve of social gains

The Prime Minister, Minister of Finance, Aïmene Benabderrahme, confirmed on Tuesday in Algeria, that the text of the finance law of 2022 reflects the preservation of the social gains by the state, especially through the rationalization of support to be directed exclusively to the needy groups.

Mr. Benabderrahme explained in his response to the questions and concerns of the members of the National Assembly in the framework of the discussion of the text of  finance law 2022, which focused on ”maintaining and rationalizing support for needy groups in a way that ensures that the social gains mandated in November 1 manifesto that we are all obliged to implement and respect”.

He also stressed that the text of the law is part of the efforts aimed at creating a national economic dynamic, promoting investment work, controlling and strengthening the state’s efforts in the field of social policy for the benefit of all segments of society, adding “This is not an easy task, especially as it comes within difficult national and international economic conditions.”

The Prime Minister added that in 2022 financial law, strengthening measures approved by the government was in focus, in accordance with the decisions of the President of the Republic, “In order to ensure the stimulation and diversification of economic activity, reduce dependence on hydrocarbons revenues and restore the financial balances of the state in the medium term, as well as ensure the sustainability of the state balance sheet.”

On the other hand, Mr. Benabderrahme stressed that the financing of the expected budget deficit under the finance law 2022 will be “exclusively” through internal financing mechanisms, excluding foreign borrowing.

In this context, Algeria Prime Minister pointed out that the government would rescoure to bank financing, the internal financial market and the deduction from the Revenue Regulation Fund, based on oil prices of a barrel at 45 USD in the next year budget, while international projections indicated that oil prices would stabilize around 70 USD in the markets.

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