Algeria has issued a revised version of its 2020 budget. The revisions ostensibly take into account the collapse in earnings from oil and gas exports, which accounted for 93% of last year’s export revenue.
But having previously flagged up plans to axe current spending by 50% (MEES, 8 May), the revised 2020 budget cuts spending by a relatively modest 6% (see table). A 3% cut to current spending ($1.1bn) and an 11% cut to capital spending ($2.4bn) amounting to a combined $3.5bn are a far cry from the previously-touted $19bn. (CONTINUED - 567 WORDS)