Al­ge­ria raises Sh530bn in lo­cal debt bond is­sue

The Star (Kenya) - - News -

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.

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