Algeria Loses 140.000 dinars in 60 Days

Finance Ministry described the reality and the future of the financial situation of Algeria as miserable.

 It uncovers frightening and scary figures for the widening of the public treasury deficit, and the terrible decline in oil collection and the erosion of the stock of Revenues Control Fund, during the months of January and February, in time of the fiscal deficit which doubled by 24%, fiscal revenues increased by 21%, which uncovers the real danger of the financial situation of the country, and an expected bankruptcy if the situation remains unchanged.

This time, these figures do not belong to an international reports, customs figures or the National Bureau of Statistics figures, because they are figures of the Finance Ministry, which is responsible on the conduct of Algerian funds from the expenses and revenues.

These figures represent an explicit recognition that the financial situation of the country which is bad, given the indicators that are  provided by the ministerial department of Abderrahmane Ben Khalfa, as the Finance Department announced, on Saturday, through the APS on a rise in the treasury’s deficit and a decline in oil collection during the first two months of this year, as the deficit of the budget, according to the Finance Ministry reached its peak, since more than ten years, reaching nearly 1404 billion ZDZ (140 000 billion centimes) by the end of last February, representing $ 14 billion, compared to a deficit during the same period last year, did not exceed 413 billion ZDZ, rising by 24%.

Finance Ministry, which failed to convince the government to return to the external debt, used all its efforts to attract the Algerians’ funds in the context of internal money borrowing, through what it called the bond loan, as an alternative to financing from the budget.

Decline in oil collection during the same period reached 321 billion dinars, compared to more than 405 billion dinars during the same period last year, as these figures come to frustrate the morale of the government and oppose its hopes, on the grounds that its estimates in the financial law 2016, which is calculated based on a reference price of $ 37 per barrel on the oil collection went to nearly 1683 billion dinars by the end of the current year.

Disappointing indicators did not stop at oil collection and treasury deficit, but goes beyond it to the treasury’s regular resources, which fell by 391 billion dinars, by the end of February 2016, after it counted almost 489 billion dinars during the same period last year, compared to the decline of the budgetary resources, whether oil or regular, by 20% compared to last year.