October 11, 2017 / 1:05 PM / 5 months ago

Algeria sees energy revenue at $31 bln by year-end

ALGIERS, Oct 11 (Reuters) - Algeria’s earnings from energy exports are expected to reach $31 billion in 2017 against $27.5 billion in 2016 but down from $60.3 billion three years ago, Finance Minister Abderrahmane Raouia said, according to state news agency APS.

Oil and gas revenues are crucial to OPEC member Algeria as they make up 60 percent of the state budget and 95 percent of total exports.

A drop in global crude oil prices since mid-2014 has significantly hit the North African country’s state finaces, pushing the government to cut spending, rise prices for some subsidised products and impose new taxes to secure alternative funding sources.

The fall in energy earnings has also negatively affected the country’s foreign exchange reserves, with the government expecting their level to reach $97 billion this year, down from $195 billion in 2014.

“This situation strongly restricted the financial capacity of the treasury,” APS quoted Raouia as telling parliament late on Tuesday. (Reporting by Hamid Ould Ahmed; Editing by Alison Williams)

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