Algeria ranks second in classification of foreign exchange reserves value
The International Monetary Fund has classified Algeria as the least indebted among the 20 countries in the Middle East and North Africa. Algeria ranks second in the classification of countries that have the most important exchange reserves, after Saudi Arabia.
In a recent report about the economic prospects of the Middle East and North Africa, the IMF stated that Algeria’s external debt represents only 2 percent of gross domestic product in 2011.
The rate of external debt of oil-exporting countries in the Middle East and North Africa, is estimated to be 5.25 percent of gross domestic product. The most indebted countries are Bahrain and Kuwait with 148 percent and 70 percent of gross domestic product.
According to the IMF, Algeria will end 2011 with 8.188 billion dollars in exchange reserves.
The three countries with the highest reserves for 2011, among the oil states in the region, are Saudi Arabia (539 billion), Algeria (81.88 billion dollars) and Iran (61.04 billion dollars).
According to forecasts from the Broughton Woods Foundation, these three countries will retain the same place in 2012.
The IMF, says the nominal GDP of the country is estimated to be 4.183 billion dollars in 2011 and 6.188 billion dollars in 2012, compared to 8.157 billion dollars in 2010. (Source: www.yallafinance.com)
- Oman’s Duqm tourist complex moves forward with government approval
- Tunisian Confederation of Industry, Trade, and Handicrafts fights nationwide unemployment levels
- Kuwait fights budget deficit: Reexamining government salaries, expatriate labor
- Construction costs fall in Dubai
- Western tourists flock to Iran, could generate $30B in new revenue