20°C / 22°C
  • Tue
  • 25°C
  • 16°C
  • Wed
  • 26°C
  • 14°C
  • Thu
  • 17°C
  • 13°C
  • Fri
  • 14°C
  • 11°C
  • Sat
  • 15°C
  • 11°C
  • Tue
  • 21°C
  • 16°C
  • Wed
  • 26°C
  • 15°C
  • Thu
  • 27°C
  • 16°C
  • Fri
  • 30°C
  • 18°C
  • Sat
  • 28°C
  • 19°C
  • Tue
  • 28°C
  • 16°C
  • Wed
  • 29°C
  • 16°C
  • Thu
  • 20°C
  • 14°C
  • Fri
  • 15°C
  • 13°C
  • Sat
  • 18°C
  • 12°C
  • Tue
  • 24°C
  • 15°C
  • Wed
  • 27°C
  • 13°C
  • Thu
  • 17°C
  • 12°C
  • Fri
  • 15°C
  • 11°C
  • Sat
  • 17°C
  • 11°C
  • Tue
  • 28°C
  • 21°C
  • Wed
  • 24°C
  • 20°C
  • Thu
  • 22°C
  • 19°C
  • Fri
  • 23°C
  • 18°C
  • Sat
  • 27°C
  • 19°C
  • Tue
  • 19°C
  • 15°C
  • Wed
  • 19°C
  • 15°C
  • Thu
  • 22°C
  • 15°C
  • Fri
  • 23°C
  • 17°C
  • Sat
  • 30°C
  • 20°C
  • Tue
  • 22°C
  • 14°C
  • Wed
  • 28°C
  • 13°C
  • Thu
  • 34°C
  • 14°C
  • Fri
  • 36°C
  • 17°C
  • Sat
  • 36°C
  • 15°C
  • Tue
  • 21°C
  • 15°C
  • Wed
  • 25°C
  • 15°C
  • Thu
  • 29°C
  • 16°C
  • Fri
  • 32°C
  • 18°C
  • Sat
  • 31°C
  • 18°C
  • Tue
  • 29°C
  • 19°C
  • Wed
  • 31°C
  • 17°C
  • Thu
  • 21°C
  • 15°C
  • Fri
  • 17°C
  • 14°C
  • Sat
  • 19°C
  • 13°C
  • Tue
  • 19°C
  • 13°C
  • Wed
  • 25°C
  • 13°C
  • Thu
  • 24°C
  • 12°C
  • Fri
  • 24°C
  • 12°C
  • Sat
  • 23°C
  • 12°C
  • Tue
  • 31°C
  • 15°C
  • Wed
  • 26°C
  • 16°C
  • Thu
  • 22°C
  • 15°C
  • Fri
  • 25°C
  • 15°C
  • Sat
  • 18°C
  • 14°C
  • Tue
  • 17°C
  • 13°C
  • Wed
  • 19°C
  • 14°C
  • Thu
  • 20°C
  • 14°C
  • Fri
  • 23°C
  • 16°C
  • Sat
  • 29°C
  • 19°C

Algeria's public debt rises to 45% of GDP, economy 'delicate' - PM

Addressing lawmakers, Djerad blamed mismanagement and corruption during the past years for worsening financial problems in the OPEC-member nation, pledging to overcome the situation through reforms.

Algeria's Prime Minister Abdelaziz Djerad addresses the National Assembly in the capital Algiers on 11 February 2020, as the Parliament held debates and vote over the new government's plan to boost the economy. Picture:  AFP

ALGIERS - Algeria’s public debt rose to 45% of gross domestic product at the end of last year from a level of 26% in 2017, and the country’s economic situation is “delicate”, Prime Minister Abdelaziz Djerad said on Tuesday.

Addressing lawmakers, Djerad blamed mismanagement and corruption during the past years for worsening financial problems in the OPEC-member nation, pledging to overcome the situation through reforms.

Algeria has been under financial pressure after a fall in energy earnings and foreign exchange reserves amid growing demands from the country’s 43 million people to improve living standards.

“The current financial situation is still fragile as it depends on the volatility of the oil market,” he said, presenting the government action plan at the lower house of parliament.

“The difficult and delicate economic and social situation will be faced by the government with responsibility,” he added.

Djerad was named prime minister in December and Abdelmadjid Tebboune was elected president in a vote largely rejected by protesters demanding the departure of the entire ruling elite and the prosecution of people involved in corruption.

Several senior officials and prominent businessmen have been jailed on corruption charges since the eruption of mass protests that ousted veteran president Abdelaziz Bouteflika who sought a fifth term in office.

“Our country has experienced catastrophic mismanagement in recent years which led to the squandering of its wealth,” Djerad said. The government will carry out “deep reforms to get the country out of this critical political and economic situation,” he said.

The government plan includes boosting dialogue with the opposition and seeking alternative funding sources for the economy such as issuing sukuk and developing the country’s tiny stock exchange.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus