Sonatrach, Sonelgaz and water sector are exclusively authorized to borrow money

Algeria’s President Abdelaziz Bouteflika gave the go-ahead to Prime Minister Abdelmalek Sellal to implement a complementary plan for a previous plan meant to overcome the financial crisis. New ready measures will be announced by the finance ministry. It is almost official that the African Development Bank would fund Sonelgaz, Sonatrach and water sector projects, Echorouk has learnt.

Partial reshuffle made by the President upon request of Prime Minister to implement a new work action to complement a set of measures taken by the government in the mid of 2014. This comes as oil prices dramatically fell.

The plan was designed by former delegate minister in charge of budget Hadji Baba Ami. He worked with former finance ministers Abdelatif Benachenhou and Karim Djoudi. Every year, he was in charge of regulating laws on budget. He has recently collaborated with a group of experts on a new project related to economic growth.

According to the same sources, Sellal’s road map is based on opening to the foreign stock market. Baba Ami was appointed as finance minister to implement this road map following talks with the African Development Bank.

This shows that the government decided who will ensure guaranties for foreign debt.