Benkhalfa: we spent oil money in building houses and universities

Algerian finance minister Abderrahmane Benkhalfa said the government may review social support policy due to the country’s situation following oil price fall.

“Algeria’s financial resources decreased by 50 percent in the last few months,” the minister told Parliament.

“Algeria is not financially conformable. Because of that, there is a need for reviewing its economic strategy,” he added.

Benkhalfa announced that banks will start using interest-free transactions as from next year.

“We will move from general support system to specific support system,” he said.

He believes that the economic situation is difficult but the State will compensate this loss, saying institutions in charge of losses are ready.

Speaking about articles 71 and 66 of the Financial Act 2016, the minister said the law will maintain big balances in the country to protect social policy.

He denied any possible attempt to hit the 49/51 investment rule provisions in Algeria.