Connect with us

Hi, what are you looking for?



Algeria ready to weather oil price slump: minister


Algeria ready to weather oil price slump/AFP

ALGERIA, December 2- Algeria can weather the global fall in oil prices, which on Monday hit their lowest level in five years, thanks in part to currency reserves, its finance minister has said.

“The financial stability of Algeria will not be affected by the oil price drop (because) the government has measures at its disposal to deal with this type of situation,” Mohamed Djellab told public television on Monday night.

He said Algeria had been able to accumulate substantial currency reserves to help deal with the lower cost of oil.

The North African nation benefited from high oil prices between 2005 and 2008 and used the income to pay off much of its foreign debt.

Its foreign exchange reserves stood at $193.26 billion (155.39 billion euros) at the end of June this year, according to the central bank.

Oil futures tumbled to their lowest levels for five years on Monday, extending last week’s sharp sell-off in response to OPEC’s decision to maintain output despite a supply glut and plunging prices.

Djellab said public spending on agriculture, education, health and housing “will not be affected by the fall in oil prices”.

Natural gas and oil, of which Algeria produces 1.13 million barrels a day, account for 96 percent of exports and 40 percent of its gross domestic product.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...