Algeria ends 2016 with $114 bln of foreign reserves – PM

Paying Social Media Jobs
Algeria's Prime Minister Abdelmalek Sellal attends a Franco-Algerian summit at the Hotel Matignon in Paris, December 4, 2014. REUTERS/Charles Platiau
Social sharing

By Lamine Chikhi

ALGIERS (Reuters) – Algeria will end 2016 with $114 billion of foreign reserves, but its oil and gas earnings will drop to $27.5 billion from $35.7 in 2015 and $60 billion in 2014, Prime Minister Abdelmalek Sellal told state TV late on Wednesday.

Algeria’s foreign reserves were at $178 billion in 2014.

“Hydrocarbon revenues will reach $27.5 billion in 2016, and $35 billion in 2017, and $45 billion in 2019,” the prime minister forecast.

He also said economic growth would be 3.5 percent in 2016 and 3.9 percent in 2017, with the external debt remaining at $3 billion, or 1.8 percent of gross domestic product.

Algeria will maintain a subsidy system worth $18 billion in 2017, he added. Products such as milk, bread and sugar are subsidised by the state.

“I reassure the Algerians that we will not abandon our subsidy system policy,” the prime minister said.

(Reporting by Lamine Chikhi; Editing by Mark Potter)

 

Leave your comment on this post
READ ALSO  Fire Destroys 600 Shops In Bida Market
About 9News Nigeria 10894 Articles
9News Nigeria is Nigeria's favourite news source. For Authentic, Unbiased News on Politics, Business, Sports, Technology, Entertainment and Lifestyles, Health, Nollywood, Crime and Investigations, Family and Relationships, Inspirations .. and much more. For Latest News from Africa and around the world, 9News Nigeria is your best source. WhatsApp +2348115805632 Email: info@9newsng.com Facebook: www.facebook.com/9NewsNG | Twitter/Instagram: @9newsng

Be the first to comment

Leave your comment

Paying Social Media Jobs
Paying Social Media Jobs
Paying Social Media Jobs