São Paulo – The Algerian government announced this week that it’s working on a supplementary budget designed to address the oil price slump, Arab news websites reported. Much of the country’s economy and revenues originate from the oil and gas industry and its exports.
The administration said in a statement that president Abdelmadjid Tebboune (pictured) had a meeting to assess the economic scenario in the wake of the sharp drop in international oil prices, as a result of the global economy’s slowdown prompted by coronavirus, and the decision from Organization of Petroleum Exporting Countries (OPEC) member countries to sell at very low prices.
Apart from the supplementary budget, topics in the agenda included tax-related action, oversight of efforts to spur economic activity, and fast-tracking of the creation of private Islamic banks. During the meeting, Algeria’s refusal to resort to foreign loans was made clear. Participants included key ministers and delegates from other institutions, such as Bank of Algeria – the country’s central bank.
Translated by Gabriel Pomerancblum
