ALGIERS, 31st December, 2015 (WAM) — Algeria’s parliament on Monday approved increases in subsidised gasoline, diesel, gas and electricity prices as part of its 2016 budget, in the latest attempt by the government to cope with a sharp fall in energy earnings.

According to Reuters, the 2016 Budget Law also included a 9 percent cut in spending, reversing an upward trend in government expenditure over the past years. Algeria has said it expects its energy earnings to fall by 50 percent this year.