Jump to navigation

Vol 63 No 2

Published 20th January 2022


Living in limboland

The military-backed clean-up and stronger export earnings are unlikely to help the economy. Reform is promised but structural change is unlikely

President Abdelmajid Tebboune's government breathed a typically Algerian sigh of relief as more stable oil prices and the higher gas prices have infused the cash-strapped treasury with funds. Algiers had been living off fast-dwindling foreign reserves, which stood at US$46.2 billion – not enough to cover a year of imports – at end-August, compared with around $200bn in 2014. It even drew down its extra allocation of $2.67bn from the International Monetary Fund's (IMF) issue of Special Drawing Rights last year.

End of preview - This article contains approximately 819 words.

End of preview

Subscribers: Log in now to read the complete article.

Account Holders: Log in now and use your Account Credit to buy this article. No Credit? Top up your Account now.

If you are logged in, but still cannot access the full text of this article, email customer services or telephone us on +44(0)1638 743633.