Algeria's Bouteflika says to cope with oil price crisis

Algerian President Abdelaziz Bouteflika on Wednesday said his country will deal with the crisis of falling oil prices and its effects on the national economy.

"I would like to affirm that we are determined to cope with the impact of the drop in oil prices through a sound and strict economic development policy," Bouteflika said in a speech to Algeria's workers on the 60th anniversary of the nationalization of hydrocarbons sector.

"Despite this sharp crisis, Algeria is not planning to stop investing in the successful factors of economic development," he added.

The diversification and competitiveness of the national economy are urgent requirements in the current situation, he noted.

Late last year, the Algerian government said it had drawn up a plan to diversify the national economy amid efforts aiming at getting out of dependence on oil revenues.

Hydrocarbons account for 93.52 percent of the North African nation's total exports. It shows the full dependence of the nation on oil revenues to support the national economy.

Oil prices saw a spectacular drop, going down from around 110 U.S. dollars a barrel in June 2014 to around 64 dollars now.

This unexpected scenario forced the government to freeze several development projects to curb this unprecedented trade deficit in 17 years. Endit