Algeria News & Events, Latest News for Algeria

Update: Tuesday, 6 January 2009    

“Algeria has enough reserves to secure basic expenditures for 5 years”

Prime Minister discloses his POA to MPs:
Monday Dec 15 2008.

Algeria is able paying her basic bills all along the 5 next years, including management, food, medicines and equipment bills; even if oil prices dropped down to $30 a barrel,” Prime Minister Ahmed Ouyahia told MPs, yesterday.

He further added that the State budget would not be affected by the global financial crisis, in terms of covering her main expenditures, “and it is to be secured from the crisis’ immediate repercussions.”

Ouyahia has talked for more than one hour to MPs at the lower house, while displaying the Government’s plan of action. He mentioned that the Government has elaborated an adequate financial strategy in view of making the abovementioned challenges a success. PM Ouyahia said his strategy rely on distributing rationally and equally State’s incomes and reserves to pay basic expenditures. He further indicated that change reserves are estimated at $ 138 billions, while revenues control fund collects $50 billions each year.

Ouyahia further defended his recent decisions in terms of allowing the State to hold the majority in stakes of foreign investments, saying: “we are not the unique country who set such conditions; a country among G8 has set 25% stake as a ceiling for any foreign investment.”

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