Algeria PM: Country to overcome financial deficit in 3 years

Algeria’s newly appointed Prime Minister, Ahmed Ouyahia, said yesterday that his country will emerge from the current financial crisis within three years.

The prime minister made the remarks as he presented his government’s plan before the parliament.

Ouyahia said the action plan to overcome the budget deficit includes direct borrowing from the central bank instead of external borrowing as the International Monetary Fund suggested to compensate for collapsed oil prices.

The Bank of Algeria said earlier that the country’s foreign debt has reached $3.85 billion at the end of December.

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