Sensible growth benefits Algeria after spike in oil prices
It may not be a miracle - but it sure looks like one. In the past 30 years, Algeria has gone from being heavily indebted to a creditor nation. The reason behind the nation's success is its hydrocarbons sector. The backbone of the Algerian economy, it accounts for roughly 60 percent of all budget revenues.
High oil prices have led to hospitals and universities in the African nation of Algeria.
LOS ANGELES, CA (Catholic Online) - Since 1999, Algeria, an oil-rich country has embarked on a series of reforms to improve the populace's quality of life. Rising the prices of fossil fuels in the international market was essential in achieving this goal. The revenue generated was used to pay off the country's external debts, as well as staring new development projects.
Algeria is the African continent's second largest oil producer on the African continent, after Nigeria. Algeria's massive debts date back to the 1970s, when the government borrowed heavily to finance development projects and to meet rising consumer needs.
The decline of oil prices in the 1980s would bring Algeria to its knees. Beginning in 1985, the debt-service ratio doubled up until 1988, increasing from 35 percent to a whopping 80 percent.
Algeria's debt exceeded $26 billion in U.S. dollars, of which almost $2 billion was in short-term loans. The dark shadow of terrorism came in the 1990s, complicating efforts by the government to bring stability.
Algeria has produced an estimated average of 1.25 million barrels per day of crude oil in 2012 and 2.9 trillion cubic feet of dry natural gas in 2011. Big projects are still under construction, particularly in the areas of rail, road and water, for a total of 9.700 billion dinars (equivalent to $ 130 billion) and commitment to new projects for a total of 11.534 billion dinars (equivalent to nearly $ 156 billion).
Nearly 5,000 institutions of Education, which include 1,000 colleges and 850 high schools are underway. In addition, 1,500 health facilities, including 172 hospitals, 45 specialized health complexes and 377 polyclinics are also underway.
Incumbent President Abdelaziz Bouteflika decided last year to cancel nearly $900 million in debt owed by a dozen African countries as a gesture of solidarity. The beneficiary nations are Benin, Burkina Faso, Congo, Ethiopia, Guinea, Guinea Bissau, Mauritania, Mali, Mozambique, Niger, Sao Tome and Principe, Senegal, Seychelles and Tanzania.
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