S\u00e3o Paulo \u2013 The Algerian government announced this week that it\u2019s working on a supplementary budget designed to address the oil price slump, Arab news websites reported. Much of the country\u2019s economy and revenues originate from the oil and gas industry and its exports.<\/p>\n
The administration said in a statement that president Abdelmadjid Tebboune (pictured<\/em>) 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\u2019s slowdown prompted by coronavirus, and the decision from Organization of Petroleum Exporting Countries (OPEC) member countries to sell at very low prices.<\/p>\n 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\u2019s refusal to resort to foreign loans was made clear. Participants included key ministers and delegates from other institutions, such as Bank of Algeria \u2013 the country\u2019s central bank.<\/p>\n Translated by Gabriel Pomerancblum <\/strong><\/p>\n