Algeria Able to Cope With Impacts of Sliding Oil Prices, Says Djellab

4 Dec 2014   Algeria

Algeria’s financial balances will not be affected by sliding oil prices, Minister of Finance Mohamed Djellab declared Monday in Algiers. In a statement to the Algerian television on the impact of oil price fall on the national economy’s financial balances, the minister stressed that Algeria has “mechanisms likely to cope with such situations” and thanks to the “cautious policy” the country has adopted for more than 10 years. Thanks to its policy, Algeria succeeded to refund its debts and therefore, have a “bigger capacity” to prepare for the new economic picture and accumulate huge foreign exchange reserves, Djellab said while insisting on the contribution of the Oil Revenues Fund to face the oil price drop. Oil prices reached their lowest level in the international market for almost five years. The Minister recognized the impact that the fall of oil prices can have on the national economy, saying, […]

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