Algeria protects economy from global financial crisis

06 October 2008
The Algerian economy is protected from the turmoil in world financial markets because it has reduced its debt and built up foreign currency reserves, according to Finance Minister Karim Djoudi.

"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.

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