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ALGIERS / Reuters
Algeria’s government has approved draft amendments to a law aimed at securing new funding sources to cover budget deficits as it struggles to cope with a sharp fall in energy
earnings.
Amendments to the Money and Credit Law were endorsed at a cabinet meeting, chaired by President Abdelaziz Bouteflika, that discussed plans for the newly appointed government of Prime Minister Ahmed Ouyahia.
The North African OPEC member country has been facing financial pressure since crude oil prices started falling in mid-2014, halving its oil and gas revenue, which accounts for 60 percent of state budget.
The amendment will “authorise the central bank to lend directly to the public treasury so as to finance budget deficits and internal public debt and provide resources to the National Investment Fundâ€, the presidency said in a statement.