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Algeria's Reserves Signal Economic Risks
Here is the summary of the article according to the instructions: Algerian President Abdelmadjid Tebboune warned of a decline in the country's hard currency reserves, amid increasing pressure on public finances and external accounts due to rising imports and declining petroleum exports. It is expected that the reserves will decrease from $68.9 billion in 2024 to $46.5 billion by the end of 2026. Tebboune called for fighting "parasites" who drain the reserves without benefit, emphasizing the need to diversify the economy through projects in mining, agriculture, and industry to boost revenues and reduce dependence on hydrocarbons. The government is imposing strict controls on imports, seeking to enhance exports, and improve economic efficiency in an effort to address the deterioration of reserves and strengthen its ability to withstand international economic fluctuations.
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