Algeria raises Sh530bn in local debt bond issue
Algeria has raised 568 billion dinars ($5.210 billion or Sh530.06 billion) from a local bond issue aimed at helping offset lower energy revenues, the Finance minister said. The country is faced with financial difficulties from the fall in oil prices. Oil and gas revenues account for 94 per cent of Opec member Algeria’s exports and 60 per cent of the state budget. The government has reduced spending in 2015 and 2016 and planned further cuts for 2017. The African Development Bank earlier this month approved a 900 million euro (Sh101.76 billion) loan for Algeria to support domestic revenue.