Connect with us

Featured

Algeria on the Brink of Economic Collapse Due to Fall in Oil Revenues

Published

on

Algeria’s oil revenue has fallen drastically, and if immediate economic reforms are not implemented, the country will plunge into an economic crisis in 2019. The crisis will no doubt threaten the upcoming Algerian presidential elections.

The decline in oil revenues, due to the collapse of prices worldwide, which is the main resource of Algeria’s economy has prompted authorities to take austerity measures. According to a report released by the International Crisis Group (ICG), “the Algerian government aims only to win more time with a series of measures to reduce budget expenditures which will not lead to an immediate recovery and a banking policy that feeds inflation.”

The ICG says that despite repeated reform promises, Algeria’s political system remains paralyzed. This is led by an ageing and ailing 81-year-old President Abdelaziz Bouteflika, who has been in reign since 1999. And the possibility of his re-nomination for a fifth term in 2019 dominates the Algerian political scene. “Uncertainty surrounding an eventual presidential succession and a state-dependent entrepreneurial class seeking to protect the status quo are hindering progress on imperative reforms needed to navigate the challenges of the decade.”

The report outlines that steps such as improving transparency of public finances should be considered. “Launching a broader discussion on the challenges Algeria faces and how best to address them, and placing young Algerians at the centre of discussions on reform.”

The country’s present dire condition is due to the preceding decade’s high spending unsustainable, rapidly emptying state coffers and increasing deficit. Moreover, political paralysis has militated Algeria against decisive policy.

Other News at EurAsian Times

Advertisement
Advertisement

Facebook

FEATURED

Russia-China Russia-China
Featured2 hours ago

Are Russia & China Taking A Lead From NATO & Working To Develop A Joint Nuclear Powered Aircraft Carrier?

China and Russia’s common adversary, the US, has brought the two powers together and have cooperated by carrying out joint...

JU-88 JU-88
Featured2 hours ago

How The United States Got Hold Of Nazi Germany’s Most Ferocious Multi-Role Warplane – The Ju-88s?

The Junkers Ju-88 combat aircraft that was a mainstay in Nazi Germany’s air force, Luftwaffe, miraculously found their way to...

Indian-Armed-Forces Indian-Armed-Forces
Asia Pacific8 hours ago

Indian Elite Marine Commandos (MARCOS) Deployed In Ladakh As India-China Border Tensions Refuse To Die Down

In the latest development in the India-China border standoff, the Indian Navy has deployed its elite Marine Commandos (MARCOS) near...

Bubonic Plague Bubonic Plague
Featured8 hours ago

China Blames India & Pakistan For COVID-19 Pandemic; Gives Clean-Chit To Original Epicenter – Wuhan

A new study by Chinese researchers has now claimed that the COVID-19 virus originated in the summer of 2019 in...

BRAHMOS BRAHMOS
Expert Reviews10 hours ago

Modified Version Of BrahMos Anti-Ship Cruise Missile Successfully Tested; Hits Target With Pinpoint Accuracy

The Russian Navy has once again test-fired its latest hypersonic anti-ship missile Zircon, also spelled as Tsirkon which is reported...

Missile-System Missile-System
Asia Pacific11 hours ago

Japan’s Biggest Threats Aren’t China And North Korea, But A Challenging Issue Within Its Own Army

Japan’s dwindling birthrate has now become a security threat as the Self Defense Forces (SDF) face challenges to recruit personnel...

Boycott-Chinese-Products Boycott-Chinese-Products
Featured13 hours ago

China Ends Western Nuclear Monopoly With Indigenous Hualong One Reactor – Chinese Media

The China National Nuclear Corp (CNNC) claimed on Friday that its first Hualong One, a third-generation pressurized water nuclear reactor,...

Gangayaan-ISRO Gangayaan-ISRO
Featured14 hours ago

India’s Ambitious Human Space Mission ‘Gaganyaan’ Gets A Big Boost With The Delivery Of S-200 Boosters

At a time when India’s human space mission, Gaganyaan, has seen repeated delays because of the Covid-19 pandemic, the recent...

Saudi-Israel Saudi-Israel
Featured16 hours ago

Normalization Of Ties Between Saudi Arabia And Israel Not Possible During King Salman’s Reign: Reports

After the United Arab Emirates (UAE), Bahrain and Sudan agreed to normalize their relations with long-standing enemy, Israel, through a...

Featured17 hours ago

India Choking Pakistan In The Middle-East; After Saudi & UAE, Modi Govt Adds Bahrain To The List

India’s External Affairs Minister S. Jaishankar recently concluded his two-day official visit to the Kingdom of Bahrain. He had met...

Advertisement
Advertisement