Algeria not to seek foreign debts despite difficult economic situation: PM

Algerian Prime Minister Sellal on Saturday said the country is going through a difficult economic situation due to the fall of oil prices, but excluded resorting to foreign debts to address the situation.

In an interview with the official APS news agency, Sellal noted that "Revenues have dropped by almost 50 percent within a few months, but the economy has proved resilient."

Sellal indicated that the overall financial situation is good, despite drop in reserves of the Revenue Regulation Fund and in foreign exchange reserves, adding that the current debts level is the lowest in the history of Algeria, which is 3.6 billion dollars.

The prime minister stressed that Algeria should not wait for oil prices to increase again, but rather it has to continue in the process of developing non-oil economy. Endit