Gas-flush Algeria To Ramp Up Defence Spend In 2023

International

23-11-2022, 08:47

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INA- SOURCES

Algeria plans to allocate nearly $23 billion to defence next year, more than double that set aside in 2022, according to a draft budget adopted by lawmakers on Tuesday.

The surge in spending comes as Africa's top natural gas producer has seen its revenues buoyed by elevated hydrocarbon prices over the past year. It also comes amid heightened tensions between Algeria and neighbouring Morocco, including over the disputed Western Sahara.

The total allocated to defence in 2023 will be 3.186 trillion dinars ($22.8 billion), up from 1.3 trillion dinars for 2022, according to the budget approved by the lower house of parliament.

The upper house will also have to approve the spending.

The overall budget is predicated on a forecast economic growth rate of 4.1 percent and inflation of 5.1 percent, along with an oil price of at least $60 a barrel.

SOURCE: barrons