Is Algeria rich or not? French Ambassador takes Algeria's side
The Algerian and French press have engaged in a debate as to whether Algeria is rich enough for its foreign debt to be cancelled. On a daily basis, there is an active debate in the Algerian press on the subject of the country's foreign debt and whether it is likely to be forgiven.
Algeria claims poverty and says that it cannot develop economically until its debt is forgiven. French banks on the other hand claim that Algeria has significant petroleum income and there is no reason to forgive its debts.
The French ambassador to Algeria has taken Algeria's side, publically exclaiming, November 16 to a group of Algerian industrialists that "Algeria is not a rich country" and for it to be able to attract foreign investment, it needs to have a fresh start and not dedicate such huge resources every year to debt servicing. (menareport.com)