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Will more borrowing push Algeria into bankruptcy by 2020?

Wednesday, 04 October 2017 8:10 AM [ Last Update: Wednesday, 04 October 2017 8:11 AM ]

Newly appointed Algerian Prime Minister Ahmed Ouyahia attends a congress session in the capital Algiers on September 4, 2017. (Photo by AFP)

Algeria’s prime minister has laid out a sweeping plan to plug the budget deficit that would include direct borrowing from the central bank, as the OPEC member looks to compensate for lower oil revenue without tapping international debt markets.

The five-year plan presented by Prime Minister Ahmed Ouyahia aims to balance the budget by 2022, and reverse a deficit that ballooned with the plunge in global crude prices, which also cut foreign reserves by nearly half.

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