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Algeria launches new economic growth model
OPEC member Algeria is to launch a new economic growth model for the next four years, focused on reforming the tax system to bring in more revenue and reduce dependence on energy exports. Oil and gas currently accounts for 95% of export revenues and 60% of the state budget. But a sharp drop in crude oil prices has pushed the government to cut spending in 2016 by 9% with further cuts planned over the next few years.
Algeria has already suspended several infrastructure projects to ease financial pressure since oil prices started falling in mid-2014, reports Reuters.
News Item details
Journal title: Petroleum Review
Subjects: Oil markets, Energy consumption, Crude oil, Oil and gas, Oil prices, Petroleum taxation
