AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 127.04 Decreased By ▼ -0.95 (-0.74%)
BOP 6.67 Increased By ▲ 0.07 (1.06%)
CNERGY 4.51 Decreased By ▼ -0.09 (-1.96%)
DCL 8.55 Increased By ▲ 0.07 (0.83%)
DFML 41.44 Decreased By ▼ -0.04 (-0.1%)
DGKC 86.85 Increased By ▲ 0.27 (0.31%)
FCCL 32.28 Increased By ▲ 0.14 (0.44%)
FFBL 64.80 Decreased By ▼ -0.62 (-0.95%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 Decreased By ▼ -0.92 (-0.83%)
HUMNL 14.68 Decreased By ▼ -0.07 (-0.47%)
KEL 5.05 Decreased By ▼ -0.08 (-1.56%)
KOSM 7.46 Increased By ▲ 0.34 (4.78%)
MLCF 41.38 Decreased By ▼ -0.27 (-0.65%)
NBP 60.41 Increased By ▲ 0.32 (0.53%)
OGDC 190.10 Decreased By ▼ -4.59 (-2.36%)
PAEL 27.83 Decreased By ▼ -0.12 (-0.43%)
PIBTL 7.83 Decreased By ▼ -0.17 (-2.13%)
PPL 150.06 Decreased By ▼ -1.11 (-0.73%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 Increased By ▲ 0.07 (0.44%)
SEARL 86.00 Increased By ▲ 7.80 (9.97%)
TELE 7.71 Increased By ▲ 0.32 (4.33%)
TOMCL 35.41 Decreased By ▼ -0.26 (-0.73%)
TPLP 8.12 Increased By ▲ 0.21 (2.65%)
TREET 16.41 Increased By ▲ 0.52 (3.27%)
TRG 53.29 Increased By ▲ 0.53 (1%)
UNITY 26.16 Decreased By ▼ -0.39 (-1.47%)
WTL 1.26 Decreased By ▼ -0.01 (-0.79%)
BR100 9,884 Decreased By -36.4 (-0.37%)
BR30 30,600 Decreased By -151.5 (-0.49%)
KSE100 93,355 Increased By 130.9 (0.14%)
KSE30 28,931 Increased By 46 (0.16%)

Algerian President Abdelaziz Bouteflika named new energy and finance ministers on Saturday 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 give 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 subsidised 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 liberalise a state-dominated system. Economic change is also widely seen as being hampered by uncertainty over a possible succession, with rivals manoeuvring in expectation that Bouteflika will step down before the end of his term in 2019.
Among the changes announced on Saturday was the creation of a new position of junior minister for the digital economy and modernisation 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.

Copyright Reuters, 2016

Comments

Comments are closed.