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Karim Djoudi Algerian Minister of Finance
Karim Djoudi, Algerian Minister of Finance, said on Sunday on Algerian public radio that the government will take austerity measures to cut public spending in response to the atrophy of the country's income, which depends mostly hydrocarbon exports.
The Algerian Finance Minister reassured Algerians that wage levels in the public service will be reviewed, despite having recently been increased to defuse social tensions, lest they are amplified by the multiplier effects of the Arab Spring.
Karim Djoudi indicated that subsidies on commodities such as wheat, milk, oil and sugar will be affected, supporting spending cuts that will primarily affect public service budgets, causing concern in some sectors about quality levels,including education and health.
The statement by Karim Djoudi contrasts with reports in the independent press suggesting that the budget of the festivities organized by the Algerian government to celebrate the 50th anniversary will cost at least two billion, of which ten million euros has been spent on fireworks, lighting effects and Chinese smoke.
The public treasury had to pay millions of dollars to publish promotional material advertising the independence anniversary events with press interviews with ministers or President Bouteflika as was the case with the French newspaper Le Monde, where a supplement was published with an interview with the President with questions and answers that had been prepared in advance for publication, according to the Algerian government.
The drop in oil prices recorded over the past months "worries Algeria but does not threaten its current budget balance, as the State expenditures are based on an oil price of US$75 a barrel," said Sunday here Finance Minister Karim Djoudi, according to APS
"The downward trend of oil prices worries us and requires prudence, but we should bear in mind two important facts: our actual expenditures are based on an oil barrel at US$75 and our financing capacities drawn from the Revenue Regulation Fund, the foreign exchange reserves and debt repayment, are substantial," Djoudi told the National Radio.
Prudence "is required just for the active management of our financial and economic policy so that to be prepared for any eventuality," he explained, adding that "it does in no way mean" cut in salaries, welfare transfers or price support.
The Algerian Finance Minister reassured Algerians that wage levels in the public service will be reviewed, despite having recently been increased to defuse social tensions, lest they are amplified by the multiplier effects of the Arab Spring.
Karim Djoudi indicated that subsidies on commodities such as wheat, milk, oil and sugar will be affected, supporting spending cuts that will primarily affect public service budgets, causing concern in some sectors about quality levels,including education and health.
The statement by Karim Djoudi contrasts with reports in the independent press suggesting that the budget of the festivities organized by the Algerian government to celebrate the 50th anniversary will cost at least two billion, of which ten million euros has been spent on fireworks, lighting effects and Chinese smoke.
The public treasury had to pay millions of dollars to publish promotional material advertising the independence anniversary events with press interviews with ministers or President Bouteflika as was the case with the French newspaper Le Monde, where a supplement was published with an interview with the President with questions and answers that had been prepared in advance for publication, according to the Algerian government.
The drop in oil prices recorded over the past months "worries Algeria but does not threaten its current budget balance, as the State expenditures are based on an oil price of US$75 a barrel," said Sunday here Finance Minister Karim Djoudi, according to APS
"The downward trend of oil prices worries us and requires prudence, but we should bear in mind two important facts: our actual expenditures are based on an oil barrel at US$75 and our financing capacities drawn from the Revenue Regulation Fund, the foreign exchange reserves and debt repayment, are substantial," Djoudi told the National Radio.
Prudence "is required just for the active management of our financial and economic policy so that to be prepared for any eventuality," he explained, adding that "it does in no way mean" cut in salaries, welfare transfers or price support.
