Algeria should brace up for post-oil era, PM says

The Algerian head of government Ahmed Ouyahia has said that the world financial meltdown should “remind us that we are gravely dependent on oil revenues and that Algeria should, thereby, gear up for the post-oil era to ensure a reliable and sustainable development”.

• Speaking to reporters on the sidelines of the commemorative ceremony of the 54th anniversary of the outbreak of the National liberation struggle in Algiers, Ahmed Ouyahia said that “we ought to work hard and stop thinking that we have become wealthy with a financial bonanza in our coffers”.
• The Algerian Prime Minister however reaffirmed that Algeria was now spared by the adverse impact of the International financial crisis, but underlined that the post-oil era should be prepared through unflagging work in order to create “a competitive national economy”, as he put it
• It should be noted that Algeria’s finances continue to progress as a result of substantial trade surpluses, increased foreign exchange reserves, and reductions in external debt. This mainly due to oil price upsurge.
• Oil revenues represent 98 pecent of the North African country”s foreign currency income.