IMF sees oil price risk for Algeria

16 Mar 2016   Algeria

The International Monetary Fund warned Algeria’s government that deep structural reforms are necessary to buffer against pressure from low oil prices. Algeria has the 10th-largest natural gas deposits in the world and is the third-largest supplier to Europe. Its exports have been in decline, however, because of lagging foreign investments. Crude oil production is around 1.1 million barrels per day and the country is the largest African member of the Organization of Petroleum Exporting Countries. Jean-Francois Dauphin, a regional staff leader for the IMF, said the nation’s economy is under sustained pressure from lingering weakness in oil prices. “The impact of the oil price shock on growth has been limited thus far, but the fiscal and external […]

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