ALGIERS – Wednesday, 25 October 2023 (APS) – The Council of Ministers, at a meeting chaired by President of the Republic Abdelmadjid Tebboune on Wednesday, approved the financial bill 2024, which has given priority to the preservation of the purchasing power of citizens.

Following the presentation of the finance bill 2024 by the minister of Finance at the Council of Ministers meeting, the president of the Republic gave guidelines and instructions for “the preservation of the purchasing power of citizens, with the available resources and by taking account of the financial balance,” the Council of Ministers said in a statement.

He ordered to include in the wages, the increases decided in the previous meetings of the Council of Ministers since 2022, in implementation of President Tebboune’s commitments to increase wages to 47% in 2024, counting the financial impact resulting from the revision of the statutes of the health, education and higher education sectors.

The president of the Republic ordered the cancellation of the Tax on Professional Activity (TPA) and a “maximum” reduction of the Value Added Tax (VAT) on poultry production and the implementation of the same procedure to imported foodstuffs.

He also ordered the revision of the conditions for granting credits to include built-up areas and not land, according to the statement of the Council of Ministers.

Concerning the National Pension Fund (NPF), the president of the Republic expressed his satisfaction with the positive indicators recorded, favorable to the gradual return to balance of the NPF, after the increase of the number of new jobs, and thus an increase in the average of the declaration of workers at the national level.

As regards public expenditure, the president of the Republic stressed the need to list priorities, with the preservation of the social aspect and the stimulation of investment.

The president of the Republic ordered the inclusion of 250,000 new housing projects, of which 100,000 rental social housing and a support for 150,000 rural housing units, as part of the commitments of the president of the Republic regarding the building of one million housing units between 2020 and 2024.