Wednesday, October 11, 2017

Algeria Sees Energy Revenue at $31 Billion By Year-end 
OCTOBER 11, 20173:41
Nigeria Vanguard

Algeria’s earnings from energy exports are expected to reach 31 billion dollars in 2017 against 27.5 billion dollars in 2016 but down from 60.3 billion dollars three years ago.

Its Finance Minister, Abderrahmane Raouia, disclosed this on Wednesday. Oil and gas revenues are crucial to OPEC member Algeria as they make up 60 per cent of the state budget and 95 per cent of total exports.

A drop in global crude oil prices since mid-2014 has significantly hit the country’s finances. The situation pushed the government to cut spending, raise prices for some subsidised products and impose new taxes to secure alternative funding sources.

The fall in energy earnings has also negatively affected the country’s foreign exchange reserves with the government expecting their level to reach 97 billion dollars this year, down from 195 billion dollars in 2014.

“This situation strongly restricted the financial capacity of the treasury,” APS quoted Raouia as telling parliament.

NAN

Read more at: https://www.vanguardngr.com/2017/10/algeria-sees-energy-revenue-31-bln-year-end/

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