Monday 23 October 2017

Algeria's fiscal deficit to reach 99 billion USD in 2017

Algeria's fiscal deficit to reach 99 billion USD in 2017
(Xinhuanet 09/29/17)
Algeria's fiscal deficit to reach 99 billion USD in 2017

Algeria's fiscal deficit will reach 1,113 billion dinars (about 99 billion U.S. dollars) by the end of 2017, the official Algerian Press Service (APS) reported Thursday.

The APS quoted Faisal Tadinit, the general director of the finance ministry, who made the remarks in the Finance and Budget Committee of the People's National Assembly (Lower House) on Thursday.

Tadinit explained that the decline in oil prices since mid-2014 has had a significant impact on the low fiscal revenues.
In spite of this, the government is continuing its efforts in the field of public investment to keep the economic growth and employment rate at acceptable levels, which has led to a high deficit.

Tadinit said that a range of monetary and financial instruments had been used to mobilize additional resources.
Algerian Prime Minister Ahmed Ouyahia admitted on Sept. 21 that the North African nation is facing a difficult financial situation.
He said the public treasury will turn to the central bank, denying claims that such a measure would cause the currency to depreciate and inflation.

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