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Algeria's public debt rises to 45% of GDP

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Christian Fernsby ▼ | February 12, 2020
Algeria’s public debt rose to 45% of gross domestic product at the end of last year from a level of 26% in 2017, and the country’s economic situation is “delicate”, Prime Minister Abdelaziz Djerad said on yesterday.
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Addressing lawmakers, Djerad blamed mismanagement and corruption during the past years for worsening financial problems in the OPEC member nation, pledging to overcome the situation through reforms.

Topics: Algeria debt GDP

Algeria has been under financial pressure after a fall in energy earnings and foreign exchange reserves amid growing demands from the country’s 43 million people to improve living standards.

“The current financial situation is still fragile as it depends on the volatility of the oil market,” he said, presenting the government action plan at the lower house of parliament.

“The difficult and delicate economic and social situation will be faced by the government with responsibility,” he added.