ALGERIA PROPOSES SUPPLEMENTARY BUDGET OF 500 BILLION DINARS

ALGIERS, The Agerian Council of Ministers (Cabinet) has approved a decision to bring to parliament for approval a 2018 Supplementary Supply Bill amounting to 500 billion dinars (about 4.28 nillion US dollars) to finance social and infrastructure projects.

A statement issued by the Council of Ministers following its meeting here Tuesday under the chairmanship of President Abdelaziz Bouteflika, said the only really new item in the supplementary finance bill relates to programme authorizations, for which an amount of DZD500 billion has been added, without additional payment appropriations.

“This additional 500 billion dinars will help to relaunch some social projects that have been frozen over the past years due to the financial strain on the State Budget,” the statement said, adding that the appropriation sought would also used to finance new infrastructure projects, with the provisional support of the National Investment Funds (FNI).

These infrastructure projects include the construction and modernization of railroads and bypasses linked to the new Port of El Hamdania (Cherchell) and the increase of phosphate exploitation, as well as the modernization of the Port of Annaba, said the statement.

“Even if the Government should maintain a prudent management of the country’s financial resources; this should not prevent the relaunch of social projects, frozen over the past years, as well as the strengthening of basic infrastructures, especially those related to economic projects,” President Bouteflika stated after the adoption of the complementary finance bill by the Council of Ministers.

Meanwhile, the Council has also adopted three presidential decrees on contracts for hydrocarbon exploration and exploitation during Tuesday’s meeting.

The first decree relates to a contract on hydrocarbon exploitation in the area of Timimoun (blocks 325a and 329), signed between the National Agency for Hydrocarbon Resource Development (ALNAFT) and the consortium made up of the national hydrocarbon company Sonatrach, Total Algeria and CEPSA Algeria.

The Council of Ministers also approved an additional clause to the contract between Sonatrach and the Spanish company CEPSA for the exploration and exploitation of the area of Rhoude Yacoub (block 406a), with a view to extending the contract for a maximum period of 36 months for the exploitation of this area.

The third decree concerns the additional clause to the contract between ALNAFT, on the one hand, and Sonatrach and its partners Dragon Oil and Enel, on the other hand.

Source: Nam News Network

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