• Conference was due to take place in June
  • It is now expected to take place in September
  • Algeria is looking to increase foreign investment

Algeria’s cabinet reshuffle, announced on May 14, has led to the postponement of the Algeria Economic Forum, which was due to take place on 3 and 4 June.

The conference had the stated aim of boosting the Algerian economy and increasing foreign investment.

It comes in the wake of a similar conference in Egypt, which saw GCC states pledge investments worth $12bn and a raft of major project announcements including plans to construct a new capital city.

As part of the reshuffle, Algeria’s President Abdelaziz Bouteflika named new energy, finance and interior ministers.

Reasons for the ministerial changes were not given.

Algeria’s new energy minister is Salah Khebri, who served for more than 30 years at national energy company Sonatrach, as well as working as an adviser to the Algerian Petroleum Institute.

A new date for the Algeria Economic Forum has not yet been decided, according to a spokesperson from Al-Iktissad Wal-Aamal Group, which is organising the conference in collaboration with the Ministry of Industry & Mining and the Algerian Chamber of Commerce.

Speaking to MEED, the spokesman said the event would probably take place in September.

According to Al-Iktissad Wal-Aamal Group, the event will attract more than 600 government and business leaders from 15 countries.

Algeria is currently struggling with a ballooning budget deficit in the wake of the collapse in oil prices.

As a consequence of the decline, Algeria’s deficit hit 18 per cent of GDP in 2014, its highest level in 15 years.

In December, Bouteflika signed off the 2015 budget, which increased state spending by 15 per cent and pushed the predicted deficit for 2015 to 22.1 per cent of GDP.

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