Economy: Algeria needs to exploit new natural resources

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Algerian President Abdelmadjid Tebboune announced in a television address that his country plans to develop other natural resources than oil and gas. Dependent for decades on hydrocarbons, Algeria needs foreign investors to launch the alternative sectors to black gold.

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Despite promises to carry out reforms, Algeria remains highly dependent on the rent from hydrocarbons, which represent the main source of its income. These are used to import goods and food, the country has not managed to diversify.

However, there is no shortage of resources. Uranium, gold or even phosphate used in agriculture as fertilizer ... They are there. The country could exploit them, but for that it must build new mines and chemical processing plants, when it is sorely lacking in money.

Coronavirus crisis hurts Algerian economy

Hence this invitation from the Algerian president, Abdelmadjid Tebboune , launched with regard to possible foreign partners: the country will welcome those who would like to invest as soon as the Covid-19 health crisis ends . Because the latter has further complicated the situation in Algeria.

The plunge in oil and gas prices has imposed an unprecedented austerity package , forcing the Algerian government to suspend spending and investment planned for 2020. Imports will be reduced by $ 10 billion, and the state will have to decrease a third of its operating costs.

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• Algeria
• Oil
• Coronavirus
• Abdelmadjid Tebboune

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