Algeria Expects Foreign Reserves to Decrease to $76bn in 2020

A general view of the upper parliament chamber is pictured in Algiers, Algeria. (Reuters)
A general view of the upper parliament chamber is pictured in Algiers, Algeria. (Reuters)
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Algeria Expects Foreign Reserves to Decrease to $76bn in 2020

A general view of the upper parliament chamber is pictured in Algiers, Algeria. (Reuters)
A general view of the upper parliament chamber is pictured in Algiers, Algeria. (Reuters)

Algerian Finance Minister Abderrahmane Raouia expected foreign reserves in his country to decrease to $76.2 billion by the end of 2020.

Over the past few years and wit the drop in oil prices, financial pressure increased on Algeria and its major dependency on oil revenues.

Oil and gas revenues comprise about 60 percent of Algeria's budget and 95 percent of total exports.

The status of international energy markets reflected on the country's foreign reserves, which fell from $192 billion in 2014 to $108 billion in mid 2017.

During his presentation of the 2018 Algerian budget before the People's National Assembly, Raouia stated that Algeria's foreign reserves reached $102.4 billion at the end of September, expecting it to decrease to $85.2 billion at the end of 2018.

The minister also stated that the reserves will drop to $79.7 billion at the end of 2019.

Algerian daily Akhbar el-Youm reported that the 2018 budget includes procedures to increase oil prices and impose the new wealth tax.

The tax applies to people who own a wealth exceeding 50 million Algerian dinar, according to the newspaper.

In October, the parliament approved amendments to the Money and Credit Law to allow the central bank for the first time to lend directly to the public treasury to finance budget deficits and internal public debt and provide resources for the coming five years.

Algeria’s economy should grow by 4 percent in 2018, up from the 2.2 percent forecast for this year, as oil prices recover, the government said in a document according to Reuters.

The government anticipates inflation reaching 5.5 percent next year, unchanged from its projection for 2017, according to the document, which is part of the draft budget for 2018.



Unprecedented Participation Expected at International Mining Conference in Riyadh on Tuesday

Ali Al-Mutairi, general supervisor of the conference (Asharq Al-Awsat)
Ali Al-Mutairi, general supervisor of the conference (Asharq Al-Awsat)
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Unprecedented Participation Expected at International Mining Conference in Riyadh on Tuesday

Ali Al-Mutairi, general supervisor of the conference (Asharq Al-Awsat)
Ali Al-Mutairi, general supervisor of the conference (Asharq Al-Awsat)

Riyadh is preparing to host the fourth edition of the International Mining Conference on Tuesday under the patronage of King of Saudi Arabia Salman bin Abdulaziz.
This year’s event has drawn an unprecedented number of participants, with over 20,000 registrations. It will feature the attendance of global CEOs, industry leaders, and executives from related sectors, who will gather to tackle the mining sector’s key challenges and offer innovative, sustainable solutions to advance the industry’s future.
Ali Al-Mutairi, general supervisor of the conference, told Asharq Al-Awsat that the conference, running from January 14 to 16, will kick off with the fourth International Ministerial Meeting on Mining Affairs. The meeting will host senior government representatives from 85 countries, along with 50 leaders from multilateral organizations, NGOs, and business associations.
This year’s edition introduces several groundbreaking initiatives, including a “Knowledge Exchange Day,” which will serve as a platform to share the latest advancements in geology, technology, and sustainability.
Al-Mutairi also revealed that the event will host the first “Centers of Excellence and Technology Meeting,” designed to establish a regional network to develop expertise and accelerate innovation in mining.
Additionally, the second meeting of leaders from international geological survey organizations will take place, featuring prominent institutions such as the US Geological Survey, the British Geological Survey, the French Geological Survey, and the Finnish Geological Survey. This meeting aims to enhance global collaboration and leverage advanced technologies to drive sector development.
The conference is expected to see the signing of several agreements and memorandums of understanding between local and international stakeholders, reflecting Saudi Arabia’s commitment to establishing itself as a global mining hub. The event further supports efforts to foster international cooperation and sustainable development in this vital sector.
Over 250 prominent speakers, including senior executives and experts, will participate in this year’s conference. Their contributions will open avenues for international partnerships and help explore strategic investment opportunities in mining.
Under the theme “Achieving Impact,” the conference continues the international dialogue on the future of mining and minerals, with the aim to strengthen global cooperation to meet energy transition goals and advance modern industries.
Aligned with Saudi Arabia’s vision to position mining as a cornerstone of its national economy, the event will address critical topics such as exploration, technological innovation, sustainability, and value-added chains. The event highlights the country’s ongoing efforts to empower the mining sector and ensure it serves as a key pillar of economic growth and diversification.