In its determination to avoid foreign debt, Algeria’s freshly-approved crisis plan looks to borrow from the central bank to tackle its budget deficit. But with banks roughly 85% state-owned and already suffering from tightened liquidity, this effectively amounts to Algiers printing cash.
In the face of much international criticism, Algeria’s National People’s Congress (NPC), the country’s lower house of parliament, overwhelmingly approved the cabinet’s emergency “Plan of Action” on 21 September. (CONTINUED - 1115 WORDS)
