Algeria foreign exchange reserves hit US$ 155 billion

Published January 5th, 2011 - 07:36 GMT
Algeria
Algeria

An Algerian official said on Tuesday, that the foerign exchange reserves of the country amounted to US$ 155 billion at the end of 2010. The Director of the Algerian Ministry of Finance, Abdelmalek Zubaydi stated that the level of reserves would allow the government to continue its economic expansion plans.

There was also a margin of safety for the coming years, he added. According to him, the cost of the reform programs of the Algerian economy amount to about US$286 billion dollars over the next five years.

Algeria has significantly reduced the national debt and now increasingly rely on its own resources to finance development programs. The oil and gas sales abroad contro; some 97% of the country's exports 

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