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Algeria, which is facing a record $29bn budget deficit this year, has raised AD568bn ($5.1bn) from a local bond issue launched between 17 April and 16 October, Finance Minister Hadji Baba Ammi told state news agency APS.
The cash, slated to fund domestic projects, will be much needed given that spending this year is budgeted at $81.5bn, whilst the country is on track to earn just $25bn from oil and gas exports. Oil and gas export revenue was $60bn in 2014 and $63bn in 2013 when it accounted for a whopping 97% of export revenue (see table).
With the collapse in earnings Algeria’s reliance on hydrocarbons has fallen. But these things are relative: oil and gas still provided 94% of export revenue in the first nine months of 2016 and 60% of fiscal revenue. (CONTINUED - 559 WORDS)
DATA INSIDE THIS ARTICLE
|table||Algeria On Track For $20Bn Trade Deficit With Oil & Gas Earnings Down 58% From 2014|