Algerian cabinet approves budget

ALGIERS - The Algerian Council of Ministers on Monday approved the 2013 budget bill and a hydrocarbons bill, the official news agency APS reported.

The budget bill envisages a public expenditure of $84 billion, including $54 billion as the operating budget and 19.8 billion as the equipment budget. It also forecasts $47.7 billion as revenues.

The cabinet, which met for the first time since a reshuffle two weeks ago, also approved a bill of amendments to the hydrocarbons law 05-07 of 2005, deemed unattractive to foreign investors due to its "discouraging fiscal measures".

"This bill is designed to help maintain the attractiveness of our country in terms of investment, by adapting its legislation in line with the evolution of the oil industry and the introduction of new technologies, particularly with regard to extraction process," the council said in a statement.

The bills will be submitted to parliament for approval.

Early this month, Abdelmalek Sellal was appointed prime minister, succeeding Ahmed Ouyahia.