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Algeria announces new cut in 2020 public spending

ALGIERS, May 3 (Reuters) - OPEC member Algeria on Sunday announced a second cut in 2020 public spending in just over a month, increasing the reduction from 30% to 50%.

The presidency made the announcement after a cabinet meeting, with financial pressure mounting after a sharp fall in energy earnings.

The North African country relies heavily on oil and gas revenue which has been falling, hitting government's economic and social plans. (Reporting by Hamid Ould Ahmed, Editing by Timothy Heritage)