Skip to content
Catholic Online Logo

By Kaci Racelma (Algiers, Algeria)

4/10/2014 (1 year ago)

Catholic Online (

High oil prices may have a significant impact on the profitability of the different sectors

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.

High oil prices have led to hospitals and universities in the African nation of Algeria.


By Kaci Racelma (Algiers, Algeria)

Catholic Online (

4/10/2014 (1 year ago)

Published in Africa

Keywords: Algeria, oil production, prices

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.

Check out our fine selection of Bibles -- by going here!

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.


Pope Francis: end world hunger through 'Prayer and Action'

Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2015
That human trafficking, the modern form of slavery, may be eradicated.
Evangelization: That with a missionary spirit the Christian communities of Asia may announce the Gospel to those who are still awaiting it.


More Africa

Will Pope Francis make a powerful change in Kenya? Watch

Image of Pope Francis arrives in Kenya -and chooses to spent time with the poor instead of rich Kenyan leaders.


Pope Francis arrived in Nairobi, Kenya today and has already ruffled feathers by choosing to join a resident of a Nairobi slum for dinner, rather than accepting President Uhuru Kenyatta's dinner invitation. LOS ANGELES, CA (Catholic Online) - In an act worthy of his ... continue reading

'I had my hand on the door': Woman survives Mali hotel attack Watch

Image of Kathie Fazekas survived a terrorist attack at the Radisson Blu Hotel in Mali (ABC).


Following the Mali hotel attack that claimed the lives of 19 victims, Kathie Fazekas, a Centers for Disease Control and Prevention (CDC) employee, has stepped forward to reveal her terrifying experience with a gunman just outside her hotel door. LOS ANGELES, CA ... continue reading

Pope Francis to visit Africa: 'How do you reconcile mercy and war?' Watch

Image of Pope Francis will be visiting Africa from November 25 through November 30.


Pope Francis is set to tour three African countries -Kenya, Uganda and the Central African Republic - November 25-30. Pope Francis is expected to address the secular lifestyle, competing Christian faiths and violence on the continent. LOS ANGELES, CA (Catholic Online) ... continue reading

MORE THAN 20 DEAD - Terrorists holding over 100 guests, staff hostage at luxury Malian hotel Watch

Image of Armed gunmen, at last count eight men brandishing AK-47s, quizzed hotel guests about their knowledge of the Koran before they freed 80 people.


Al-Qaeda affiliated terrorists have seized the Radisson Blu Hotel in Bamako, the capital city of the African nation of Mali. At least 20 people including, a Belgian worker, a French national and two Malian security guards are believed to have perished in the ... continue reading

The terrorist group MORE DEADLY than ISIS that you NEED to know about NOW! (WARNING: GRAPHIC IMAGES) Watch

Image of Boko Haram is the deadliest militant group in the world (Getty Images).


Despite the recent Paris terror attacks and ISIS extremism in the Middle East and Africa, a new study released at the Institute of Economics and Peace at the University of Maryland found that the Nigerian militant group Boko Haram is the deadliest group in the world. ... continue reading

Was Queen Nefertiti's hidden tomb finally found? Two secret chambers may have been discovered in King Tut's tomb Watch

Image of Dr. Nicholas Reeves spotted what appeared to be a secret entrance, uncovering the


It's very exciting news for the archaeological world. Researchers at King Tutankhamen's tomb say there are new indications of hidden chambers that may be concealed by walls. Infrared thermography used to measure the temperature of each of the walls of the tomb ... continue reading

Cairo, Moscow vehemently deny Islamic State's claim they downed Russian jet over the Sinai Watch

Image of Officials are going through the plane's wreckage to determine what led to the tragedy.


Confusion reigns over the air tragedy that sent a Russian airbus plunging over the Sinai in Egypt the weekend. Altogether, 192 adults, 25 children, and seven crewmembers, all 224 people onboard were killed. Islamic State has released a video allegedly showing ... continue reading

OH, THE HUMANITY: Horrific stories surface in South Sudan's two-year long civil war Watch

Image of The African Union report on South Sudan's war has found evidence of massive crimes against humanity. An African court has been recommended set up to prosecute those responsible.


All the evil men can inflict on one another is explicitly drawn in a new report by the African Union on South Sudan's civil war. Horror stories of innocent civilians beaten and forced to jump into fires, bodies drained of blood and people forced to drink blood ... continue reading

Egypt's Secrets: Mysteries behind Egypt's pyramids to be unraveled with futuristic technology Watch

Image of After years of looting and decay, these new methods will be decidedly


How the mighty pyramids of Egypt were built, has long mystified modern man. Futuristic technology, involving laser scans and 3-D imaging will be used shortly in order to find out how these structures were built - as well as possibly find the final resting place of ... continue reading

BRUTALLY EXORCISED: Unbelievable 50,000 'child witches' abandoned in Congo after 'failed exorcisms' Watch

Image of


Tens of thousands of helpless children, some as young as only months old, are forced to endure exorcisms every day in the Democratic Republic of Congo (DRC). If they are not "saved from evil" by the rituals, they are labeled "child witches" and are often thrown out of ... continue reading

All Africa News


Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • St. James Intercisus: Saint of the Day for Friday, November 27, 2015
  • Bet you've never seen a space rocket do THIS!
  • Happy Thanksgiving Day: Give Thanks with a Grateful Heart
  • UPDATE: Did the U.S. military actually know they were bombing the ...
  • The Miracle Prayer HD Video
  • Prayer For Courage HD Video
  • Daily Readings for Friday, November 27, 2015

Daily Readings

Reading 1, Daniel 6:12-28
12 These men came along in a body and found Daniel praying and pleading ... Read More

Psalm, Daniel 3:68, 69, 70, 71, 72, 73, 74
68 Bless the Lord, dew and snow-storm, praise and glorify him for ... Read More

Gospel, Luke 21:20-28
20 'When you see Jerusalem surrounded by armies, then you must realise ... Read More

Saint of the Day

Saint of the Day for November 26th, 2015 Image

St. John Berchmans
November 26: Eldest son of a shoemaker, John was born at ... Read More