New Algerian Energy and Finance Ministers named in reshuffleSource: www.export-egypt.com 6/12/2016, Location: Africa |
|
|
|
|
|
Algerian President Abdelaziz Bouteflika named new energy and finance ministers in a cabinet reshuffle, as the OPEC member tries to cope with a sharp fall in oil and gas earnings that have placed increasing pressure on its finances.
Nouredine Bouterfa, the head of state power firm Sonelgaz, was named as the new energy minister, replacing Salah Khebri, while junior budget minister Hadji Baba Ammi was appointed to replace Abderrahmane Benkhalfa at the finance ministry, a statement carried by state media said. No reason was given for the changes, but the reshuffle comes as Algeria struggles to revive its economy and boost oil and gas production, with divergent views over how hard to push for foreign investment and for domestic economic reform. The North African state has taken some measures to adapt to falling income, including raising subsidized fuel and electricity prices, cutting back on infrastructure projects and trimming budget spending. But reform has been sluggish, held back by a debate between reformers keen to lessen dependency on oil and gas revenues, and an older guard reluctant to liberalize a state-dominated system. Economic change is also widely seen as being hampered by uncertainty over a possible succession, with rivals maneuvering in expectation that Bouteflika will step down before the end of his term in 2019. Among the changes announced was the creation of a new position of junior minister for the digital economy and modernization of financial systems, to be held by Mouatassem Boudiaf. Bouteflika also named former foreign minister Boualem Bessaiah as a special adviser, the presidency said in a separate statement. It is the fifth reshuffle under Prime Minister Abdelmalek Sellal since he took office in 2012. Khebri and Benkhalfa had only been in their jobs for just over a year, brought in during the last cabinet shakeup in May 2015. Late last month President Bouteflika fired central bank chief Mohammed Laksaci after more than a decade in the job. Laksaci had been under pressure over his handling of the oil price drop. Oil and gas still account for 60 percent of Algeria's budget and nearly 95 percent of exports. The country has a cushion of about $140 million in foreign reserves, though these have been falling, and energy earnings fell by nearly 50 percent in 2015. |
|
|
Financials and Investment News in Algeria >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Algeria Oil & Gas 1 >> |
