19 April 2018

Algeria: World Bank Updates Assessment of Algerian Economy

WASHINGTON - The World Bank made public Wednesday a new updated version of its report on the economic prospects in the Middle East and North Africa (MENA region) in which it updated its assessment of the economic situation in Algeria.

The follow-up report on the economic situation in the MENA region, published Monday, was replaced by a new strengthened version.

The World Bank published Monday on its website a non-consolidated version, based on incoherent information concerning the economic prospects of some countries, that it had then to correct.

In its updated prospects for Algeria, the Bank underlined the need to carefully manage the exclusive use of seigniorage to finance the deficit without broaching a scenario of financial crisis that could shake the country's economy as it predicted in it first version of the report.

The authors of the report underlined that it was difficult to the government to resist the desire to delay budget rebalancing even if the country is heading for a triggered financial crisis by resorting to monetary financing.

It should be noted that the essential element of the assessment concerning Algeria was based on a report, entitled Algeria: Vision 2035, whose elaboration is in a preliminary stage.

The observations which can be included in it do not represent the opinion of the World Bank as long as it was not validated and published by the Bank.

However, this report's reference was suppressed in the new version.

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