Algeria’s foreign reserves stood at just $90bn as of end-May, well under half levels during the 2011-14 years of $100/B-plus crude. The IMF says it expects reserves to fall further to $83bn by end-2018 and below $50bn by end-2020 (see chart).

But as the Washington-based institution makes clear, in an uncharacteristically blunt assessment released last month, this is far from Algeria’s most pressing economic problem. (CONTINUED - 851 WORDS)