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

Saudi-Israel Saudi-Israel
Featured5 hours ago

Saudi Arabia Fully Supports US’ Efforts To Get Israel, Palestine On Negotiating Table – King Salman

King Salman bin Abdulaziz on Wednesday said that Saudi Arabia supports Washington’s efforts to bring the Palestinian and Israeli sides...

US-CHINA-INDIA-JAPAN US-CHINA-INDIA-JAPAN
Americas5 hours ago

Pentagon Blew COVID-19 Funds To Buy Military Equipment; ArcelorMittal, Rolls-Royce Awarded Big Contacts

Pentagon blew up $1 billion appropriated for the pandemic by the Congress to finance military equipment including jet engine parts,...

AFGHAN-HOSPITAL-ATTACKS AFGHAN-HOSPITAL-ATTACKS
Featured9 hours ago

Afghan Top Negotiator Abdullah Abdullah To Visit Pakistan To Discuss Afghan Peace Process

The top Afghan peace negotiator – Abdullah Abdullah is in talks with the Taliban and could travel to Pakistan next...

s400-russia s400-russia
Featured9 hours ago

British & NATO Jets Jamming The Radars Of Powerful S-400 Systems – Russian Experts

The stealth-hunting S-400 surface-to-air-missiles are the most advanced long and medium-range surface-to-air missile systems currently being operated by Russia, China,...

CHINA-ARMY CHINA-ARMY
Featured11 hours ago

US Intelligence Report Confirms That India Punctured Chinese ‘Hyper-Power’ Myth At Doklam

Indian and Chinese PLA soldiers came face to face in Doklam in 2017, the standoff lasted about two months and...

BrahMos-SU-30MKI BrahMos-SU-30MKI
Featured15 hours ago

Su-30 Fighter Jet Crashes During A Training Mission; Pilot Ejects Safely

A Russian Su-30 fighter jet has crashed in Russia’s Tver Region during a planned training flight with pilots managing to...

DRDO-INDIA DRDO-INDIA
Featured15 hours ago

Indian DRDO Aggressively Working On Indigenous Projects; Gets Lauded For ABHYAS Project

India’s state-run Defence Research and Development Organisation (DRDO) has successfully conducted the test of ABHYAS – High-speed Expendable Aerial Target...

F-35-INDIA F-35-INDIA
Featured17 hours ago

US, UAE Could Sign Deal To Acquire ‘Non-Stealthy’ F-35 Fighter Jets By End Of 2020: Reports

Amid the murmurs that Israel is blocking the possible sale of American F-35 stealth fighter jets to the UAE, new...

Tayyip-Erdogan Tayyip-Erdogan
Featured19 hours ago

Turkish President Erdogan Blasts India, Israel At United Nations Over Kashmir, Palestine Issue

After lamenting both India and Israel over Kashmir and Palestine, New Delhi has criticized Turkish President Recep Tayyip Erdogan for...

US-UK US-UK
Americas1 day ago

Why UK’s ‘Tempest Fighter Jet Program’ Could Endanger Its Historical Ties With The United States?

The Tempest program was launched in 2018 with the aim of developing the 'optionally-manned' stealth fighter jets which are expected...

Advertisement