"The measures taken domestically to favour the financing of the economy from internal resources, to reduce indebtedness, to reject the establishment of a sovereign fund, and to reject total convertibility [of the dinar] permit us to consider that we have put in place the essential elements of protection of our economy from this crisis," said Djoudi on the sidelines of a debate in Algeria's parliament on 5 October, according to the local El-Watan newspaper.
Algeria has built up foreign exchange reserves of $133bn due to to record earnings from oil and gas exports.
These are expected to reach $80bn during 2008, according to remarks made by the Minister of Energy & Mines Chakib Khelil in September.
The country's external debt was just $4bn at the end of June.
You might also like...
Rainmaking in the world economy
19 April 2024
Oman receives Madha industrial city tender prices
19 April 2024
Neom seeks to raise funds in $1.3bn sukuk sale
19 April 2024
Saudi firm advances Neutral Zone real estate plans
19 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.