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FinancialNews


  • 02-10-19

    9.2 percent cuts targeted in Algerian expenditure

    (MENAFN) Algeria was announced to have set targets to achieve a 9.2 percent reduction in public expenditure as well as attracting foreign loans by next year.

    Foreign debt in Algeria is at the moment expected to record less than USD1 billion, with foreign currency reserves affected by energy prices.

    Finance Minister Mohamed Loukal unveiled that the Algerian government is planning to lure foreign financial institutions into its strategic development projects.

    Under a draft 2020 budget, deficit will plunge to stand at 7.2 percent of gross domestic product (GDP) compared to this year's 8 percent.

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