Skip to content
Catholic Online Logo

By Kaci Racelma (Algiers, Algeria)

4/10/2014 (2 years ago)

Catholic Online (www.catholic.org)

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.

Highlights

By Kaci Racelma (Algiers, Algeria)

Catholic Online (www.catholic.org)

4/10/2014 (2 years 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'


Copyright 2016 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for SEPTEMBER 2016
Universal:
Centrality of the Human Person: That each may contribute to the common good and to the building of a society that places the human person at the center.
Evangelization: Mission to Evangelize: That by participating in the Sacraments and meditating on Scripture, Christians may become more aware of their mission to evangelize.



Comments


More Africa

Boko Haram Islamist Jihadists Kill Eight more Christians in their War Against Christianity in Nigeria Watch

Image of Boko Haram soldiers hovering over innocents whom they slaughterd in the name of their

By Deacon Keith Fournier

These Islamic terrorists claim that when they die during their evil acts, they are martyrs. Nothing could be further from the truth. They are simply dead terrorists. They have either taken their own lives - an intrinsically evil act - or died in the commission ... continue reading


Don't forget about the people of Nigeria! Boko Haram continues to kill Christians Watch

Image of Boko Haram is the enemy of all civilization.

By Marshall Connolly (CALIFORNIA NETWORK)

With all the attention focused on the Islamic State in Syria and Iraq, it can be easy to forget that our Catholic and other Christian brothers and sisters in Nigeria also face deadly Islamic extremism on a daily basis. Militant Islam is on the march around the globe ... continue reading


Egyptian Prostitutes lure migrants into selling their organs Watch

Image of Illegal migrants are coerced to sell their organs in exchange for money or sex.

By Kenya Sinclair (CALIFORNIA NETWORK)

Financially desperate undocumented African migrants in Cairo have turned to selling their organs to pimps and Egypt's underground organ trade. LOS ANGELES, CA (Catholic Online) - <a ... continue reading


'We do not understand why this is happening to us': Christians tied up in Congo ... you won't believe what happens next! Watch

Image of At least 36 Christians have been brutally slaughtered in the Congo (Reuters).

By Kenya Sinclair (CALIFORNIA NETWORK)

The Democratic Republic of Congo (DRC) has seen a dramatic rise in Christian persecution, leaving at least 36 Christians hacked to death. LOS ANGELES, CA (Catholic Online) - According to the Catholic Herald, the North Kivu region of the DRC experienced its deadliest ... continue reading


A nation of murderers: Church is powerless to stop drug killings in Philippines Watch

Image of Drug dealers are now targets of civilians and the police under President Duarte.

By Marshall Connolly (CALIFORNIA NETWORK)

Vigilantes in the Philippines are tearing the country apart by killing suspected drug dealers at whim. The Church has spoken out against these killings, which show no signs of stopping. The killings are a response to that country's president calling for mass ... continue reading


Sterile husband attacks wife with machete as punishment for not conceiving Watch

Image of Her husband was frustrated when she did not become pregnant so he chopped off her hands with a machete.

By Kenya Sinclair (CALIFORNIA NETWORK)

Jackline Mwende and her husband Stephen Ngila were married seven years but were unable to conceive, leading Stephen to lash out by attacking his wife with a machete. LOS ANGELES, CA (Catholic Online) - According to Daily Nation, Jackline met and married Stephen within ... continue reading


'I thank God in everything I do': Teen living in plastic bowl refuses to give up hope Watch

Image of Teen lives in bucket (Sani Maikatanga/Barcroft Image).

By Kenya Sinclair (CALIFORNIA NETWORK)

Rahma Haruna is a 19-year-old girl who has lived the majority of her life in a plastic bowl. LOS ANGELES, CA (Catholic Online) - According to Daily Mail, the teen was born with an unknown condition, leaving her without limbs, constant pain and the body of a 6-month-old ... continue reading


'I was just shocked by what I saw': Boy born with organs outside his body to undergo life-saving surgery (WARNING: GRAPHIC IMAGES) Watch

Image of Ethan Sulgo was born with his organs on the outside of his body (PA).

By Kenya Sinclair (CALIFORNIA NETWORK)

Ethan Sulgo was born with Exomphalos, meaning his organs developed outside his abdomen. LOS ANGELES, CA (Catholic Online) - According to Daily Mail, The 3-year-old boy's stomach appears to have a large, mottled tumor growing out of him in a mass of purple flesh.Little ... continue reading


Gaddafi's son, war criminal, walks free from prison, unpunished despite death sentence Watch

Image of Saif al-Islam, second son of Moamar Gaddafi, was sentenced to death for war crimes, but has since been granted amnesty.

By David Drudge (CALIFORNIA NETWORK)

Colonel Gaddafi's son, Saif al-Islam has walked free from a Libyan prison. His release comes less than a year after he was sentenced to death for war crimes. Al-Islam is also wanted by the Hague for war crimes. LOS ANGELES, CA (California Network) - Thanks to a ... continue reading


'He can communicate with us by nodding his head': Teen's face RIPPED APART by hyena (WARNING: DISTURBING CONTENT) Watch

Image of Young teen gets his face chewed by a hyena (DailyMail).

By Kenya Sinclair (CALIFORNIA NETWORK)

Erco Janse van Rensburg was just another teen on a family camping trip in South Africa's Kruger National Park. When he fell asleep beneath the stars that night, he had no idea a hungry hyena would wake him before dawn by clamping down on his face. LOS ANGELES, CA ... continue reading


All Africa News

Newsletters

Newsletter Sign Up icon

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

Subscribe to Catholic OnlineYouTube Channel

Daily Readings

Reading 1, Job 3:1-3, 11-17, 20-23
1 In the end it was Job who broke the silence and cursed the day of his ... Read More

Psalm, Psalms 88:2-3, 4-5, 6, 7-8
2 may my prayer reach your presence, hear my cry for help.3 ... Read More

Gospel, Luke 9:51-56
51 Now it happened that as the time drew near for him to be taken up, he ... Read More

Saint of the Day

Saint of the Day for September 27th, 2016 Image

St. Vincent de Paul
September 27: St. Vincent de Paul was born to a poor peasant ... Read More