Algeria to secure public investment for 2 years

Algeria will be able to finance government projects for more than 2 years despite the world economic crisis as well as oil price slump, said Sunday the governor of the central Bank in the North African country Mohamed Leksasi. 

• Speaking before finance executives in Algiers, Leksasi specified that “the regulatory fund has so far accumulated $58 billion. Public Banks however have cash flow worth $33 billion. This would allow financing government investments for more than 2 years”.
• The governor of the Central Bank also mentioned the foreign currency reserves which amount at $138 billion for 2008. “This would help Algeria face up easily with the financial crisis impact”, he added.
• Since oil price upsurge, the Algerian government has been putting the excess oil revenues in the regulatory fund. The state budged has been based on $19 as oil price reference, since 2000.
• Algeria is expecting for 2008 some $80 billion of oil revenues despite price fall.