Algeria aims to “save” a staggering $20bn in 2020 through a slimmed down state, banking sector reform and lower imports. With its macroeconomic fundamentals seriously challenged due to years of overspending, declining oil revenues and inability to diversify, Algeria is in a race against time to put its ailing economy on a sustainable growth path.
The government says the savings will allow it to “immediately” inject AD1 trillion ($7.8bn) into the economy to help Algeria’s post-Coronavirus recovery. Algeria has already announced wide-ranging spending cuts for this year with the axe falling on state-oil giant Sonatrach, imports and infrastructure projects (MEES, 27 March). (CONTINUED - 980 WORDS)
