Finance Law 2024: Algeria’s Largest Budget Ever Worth $110B

The Finance and Budget Committee of the National People’s Assembly will meet on Sunday, October 29, at around 2 p.m., to set the program for discussing the draft finance law for 2024, with ministers and finance sector officials, which will last more than two weeks, members of the committee told Echorouk.

This project will include financial allocations equivalent to $110 billion, which is a larger budget than that allocated by the Finance Law for 2023, which MPs described at the time during the discussion sessions as “the largest budget in the history of Algeria.”

Through the draft Finance Law for 2024, the government allocated budget expenditures equivalent to 14.862 billion and 736 million and 986.000 dinars, which is the largest budget in recent years, and the amount represents the ceiling of commitment licenses, as it exceeds the budget for 2023, which was described as the largest budget, by more than a thousand billion, as it was estimated at 13,786 billion dinars at the time.

According to Ehorouk sources, the draft finance law includes expected revenues equivalent to 9,102 billion dinars, with a deficit equivalent to 5,760 billion dinars, and other numbers that reveal the improved financial situation during the recent period, and sectoral allocations for the implementation of programs and projects, as the matter includes commitment licenses and financing licenses that are equivalent to 15,205 billion and 282 million and 544.000 dinars, with details and appendices representing the financing programs for all sectors separately.

During the last Cabinet meeting, the President of the Republic, Abdelmadjid Tebboune, ordered recording the completion of 250,000 new housing units, within the framework of the Finance Law for 2024. This measure comes as a continuation of his commitment to complete one million housing units between 2020 and 2024, and 100,000 housing units will be allocated and completed, in the form of social rental housing, and 150,000 in the form of rural subsidies.

The 2024 Finance Law will not include any new taxes, to confirm the state’s keenness to preserve the citizens’ purchasing power through available methods, taking financial balances into account.

The draft law also includes the inclusion of wage increases that were approved during previous Cabinet meetings, since 2022, to achieve the implementation of President Tebboune’s commitment to achieving increases of up to 47% in 2024, while taking into account the financial impact resulting from reviewing the basic laws for the health, education and higher education sectors.

The Minister of Finance, Laaziz Fayed, had previously revealed in statements to Echorouk that the new text would include the wage increases that had previously been promised by the President of the Republic, Abdelmadjid Tebboune, and also new measures to improve the purchasing power of the Algerian citizen, as this comes in implementation of the instructions and directives of the President of the Republic, who stresses every time the need to improve the living conditions of Algerians through all his decisions.