IMF urges Algeria to avoid economic instability during political transition vanguardngr.com vanguardnews
Jihad Azour, IMF’s Middle East and Central Asia director, also told Reuters on Monday that the OPEC member should carry out reforms to help cut deficit and reduce reliance on oil and gas.
Bensalah is in charge of a 90-day transition period set to end with a presidential election on July 4.It has failed to diversify the economy away from crude and gas which account for 60 per cent of the budget and 94 per cent of total exports. Algeria’s economy grew 2.3 per cent in 2018 due to higher oil prices, up from 1.4 per cent the previous year, but below a 4 per cent government forecast, according to the finance ministry.The government last year started implementing changes that allow the central bank to lend directly to the treasury to fund internal public debt.
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