Algeria 🇩🇿 today :
Algeria’s president refuses to borrow from the International Monetary Fund and cuts state expenditures by 50% :
Algeria set out to take strict austerity measures to confront the financial crisis that threatens the country as a result of the collapse of oil prices and the repercussions of an epidemic Coffed-19.
the president’s confirmation, Tabun refuses to borrow from the International Monetary Fund stressing that borrowing is an unacceptable policy and that it is“ a violation of national sovereignty. ”
The foreign exchange reserves in Algeria, which rely heavily on oil revenues, have declined from approximately $ 200 billion to expectations that it will drop to $ 44.2 billion by the end of 2020.
The Algerian Energy Minister has confirmed that: “There is a lot of talk about the cost, price and capacity
He added: “The price of the Algerian crude barrel decreased to levels of 14 and 12 dollars, but it has returned to the level of 20 dollars… The average cost of Algerian crude production is 14 dollars per barrel, but the main production is present in the fields of Hassi Messaoud, where the average cost of Algerian oil production Just $ 5 a barrel. ”