The Algerian Finance Minister Mohamed Loukal revealed that Algeria is planning to cut the public spending by 9.2 percent by 2020, the country's second consecutive cut, as Algeria is facing difficulties in coping with the fall in energy revenues.
"The government is also targeting new taxes in an effort to reduce the budget deficit, which is expected to reach 7.2 percent of GDP next year, down from an 8 percent target for this year," Minister Loukal told APS.
The Algerian Minister of Finance pointed out that "there is a tendency to borrow from abroad during the next year for the first time in years, in light of the difficulties faced by the country to find sources of financing," explaining that "borrowing will be only from financial institutions and development banks in which Algeria has a seat in."
Source (CNBC Arabic Website, Edited)
