Algeria borrows $6bn from local market

Algeria has borrowed $6 billion from local markets, the Anadolu Agency reported the country’s finance minister saying yesterday.

“The state collected 568 billion [Algerian] dinars [$5.86 billion] until October 16 2016,” Hadji Baba Ami said. The campaign ended on this date.

Algeria launched the campaign in April in order to get new financial resources to cover the reduction in income as a result of the decline in oil prices in the international market.

Baba Ami said that he “feels content” with the sum collected throughout this campaign.

The decline in oil prices has led the country to enforce austerity measures.