Algeria to stick to spending plan despite low oil price

摘要

Algiers-Algeria faces a severe crisis due to sharply lower oil prices, yet will stick to its current five-year public investment program, President Abdelaziz Bouteflika said last week. “Facing this alarming crisis, Algeria has some room to maneuver due to its near complete retirement of public debt and its accrued foreign exchange reserves, as well as the public savings accumulated in its revenue stabilization fund,” an official communique stated, quoting the president.