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Algeria to cut spending and energy investment, delay projects

Reuters | Algiers | Updated: 23-03-2020 00:28 IST | Created: 22-03-2020 22:48 IST
Algeria to cut spending and energy investment, delay projects
Representative image Image Credit: ANI

Algerian President Abdelmadjid Tebboune on Sunday ordered the government to cut public spending by 30% and delay state projects to cope with financial pressures, the presidency said in a statement.

Tebboune also asked the state energy firm Sonatrach to reduce planned investment to $7 billion from $14 billion, the statement said, after a cabinet meeting to discuss state finances and the global oil market after a collapse in the price of oil. Algeria is a leading oil and gas exporter.



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