Algiers, December 25 (QNA) - Algeria approved the 2023 budget, the largest in the country's history after President Abdelmadjid Tebboune approved the Finance Law on Sunday.

The Algerian government allocated the largest budget since its independence - 6 decades ago - at a value of 13,9 billion Algerian dinars (about USD 98.5 billion), an increase of USD 24.5 billion over the 2022 budget and USD 36.5 billion over the 2021 budget.

In its budget, the Algerian government ser a reference oil price estimated at USD 60 per barrel, up by USD 15 per barrel over the 2022 budget.

The budget submitted by Algerian Prime Minister Aymen Benabderrahmane's government for 2023 forecasted a 4.1 percent growth rate, compared to 3.3 to 3.8 percent in the 2022 budget.

It also expected the growth rate to continue to rise in 2023 to 4.1 percent and 4.4 percent in 2024, while the inflation rate for the next year was greater at a rate of 5.1 percent, compared to 4.9 percent in the 2022 budget.

The figures in the annual budget showed an increase in defense spending, which topped the rest of the sectors with USD 22.7 billion, to be the largest in Algeria's history.

Both chambers of the Algerian Parliament; the People's Assembly and the National Assembly, passed the Finance Law for the year 2023. (QNA)