algerian government took measures to contain deficit
Wednesday 28 May 2025
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

Amid economic crisis

Algerian government took measures to contain deficit

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleAlgerian government took measures to contain deficit

Algeria’s economy
Algeria - Muslimchronicle

Algeria’s government has approved draft amendments to a law aimed at securing new funding sources to cover budget deficits as it struggles to cope with a sharp fall in energy earnings.
Amendments to the Money and Credit Law were endorsed at a cabinet meeting on Wednesday, chaired by President Abdelaziz Bouteflika, and plans for the newly appointed government of Prime Minister Ahmed Ouyahia were discussed.
The OPEC member country has been facing financial pressure since crude oil prices started falling in mid-2014, halving its oil and gas revenue, which accounts for 60 percent of state budget.
The amendment will “authorize the central bank to lend directly to the public treasury so as to finance budget deficits and internal public debt and provide resources to the National Investment Fund,” the presidency said in a statement late on Wednesday.
This type of “exceptional funding” will be implemented for five years and “accompanied with financial and economic structural reforms,” it said, without elaborating.
“Algeria will temporarily turn to this funding after resisting for three years the effects of a severe financial crisis caused by a serious collapse in hydrocarbons prices,” the statement added.
Bouteflika in June called for “internal unconventional funding” to avoid turning to foreign debt, estimated now at less than $4 billion. Algeria expects its budget deficit at 8 percent for 2017 down from 15 percent in 2016.
The cabinet meeting also approved government action plan, which aimed at “improving business environment and boosting investment in all sectors”. The amendments and government plans will still need final approval by parliament, where Bouteflika’s backers have an overwhelming majority.
Algeria has cut public spending by 14 percent for this year after a 9 percent reduction in 2016, and is struggling to reduce its imports bill despite increasing restrictions since early 2016.
That coincides with failures to implement reforms and diversify the economy away from oil and gas, which account for 94 percent of export revenue.
 

 

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

algerian government took measures to contain deficit algerian government took measures to contain deficit

 



Themuslimchronicle, themuslimchronicle

GMT 07:38 2017 Thursday ,12 October

'Many' Fed members favor December rate hike

GMT 07:53 2017 Wednesday ,18 October

Saudis Al Hilal into AFC Champions Lea gue final

GMT 13:04 2017 Wednesday ,19 July

'Despacito' declared most streamed song ever

GMT 20:33 2017 Friday ,03 November

Apple’s iPhone X hits Asia stores as profits soar

GMT 11:35 2017 Thursday ,16 February

Time-saving tips for you to have a little break

GMT 06:14 2012 Wednesday ,12 December

Pope set to send 1st tweet

GMT 09:30 2016 Sunday ,20 November

5 ways Indians are dodging 'black money' crackdown

GMT 13:21 2017 Thursday ,15 June

Palestinian reconciliation has not achieved

GMT 10:50 2012 Sunday ,04 March

Shortbread

GMT 13:44 2017 Wednesday ,19 April

US Pentagon chief meets Saudi king with Iran in focus

GMT 11:42 2017 Sunday ,03 December

England dismiss Smith as Aussies dig

GMT 16:47 2017 Thursday ,27 July

Egyptian President El-Sisi due in Riyadh today
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle