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Algeria Announces $1 Billion for African Development

Algerian Prime Minister Aimene Benabderrahmane at the annual African Union summit of leaders in the Ethiopian capital, Addis Ababa. - AFP
Algerian Prime Minister Aimene Benabderrahmane at the annual African Union summit of leaders in the Ethiopian capital, Addis Ababa. - AFP
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Algeria Announces $1 Billion for African Development

Algerian Prime Minister Aimene Benabderrahmane at the annual African Union summit of leaders in the Ethiopian capital, Addis Ababa. - AFP
Algerian Prime Minister Aimene Benabderrahmane at the annual African Union summit of leaders in the Ethiopian capital, Addis Ababa. - AFP

Algerian President Abdelmadjid Tebboune said Sunday the North African nation will allocate a billion dollars to finance development projects across the continent through the Algerian Agency of International Cooperation for Solidarity and Development.

The official APS news agency said his decision was announced in a speech read by Prime Minister Aimene Benabderrahmane at the annual African Union summit of leaders in the Ethiopian capital, Addis Ababa.

"I have decided to inject one billion US dollars for the benefit of the Algerian Agency of International Cooperation for Solidarity and Development to finance development projects in African countries," read the speech, part of which was published by APS.

It said attention would be paid to "integration projects or those able to contribute to accelerating development in Africa".

Tebboune said the agency's approach was based on Algeria's conviction that "security and stability in Africa are linked to development".

APS said the government agency, established in 2020, would coordinate with African nations seeking to benefit from the initiative.

Most of the sessions at the two-day 36th annual AU summit are being held behind closed doors.

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French Finance Minister Says Budget Can Still Be Improved

French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
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French Finance Minister Says Budget Can Still Be Improved

French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)

French Finance Minister Antoine Armand said on Saturday that the 2025 budget could still be improved, but stopped short of giving ground in a standoff with the far right over new concessions.

Ratings agency Standard & Poor's gave Prime Minister Michel Barnier's fragile minority government a rare reprieve late on Friday leaving its rating steady although France's budget deficit has spiraled out of control this year.

Any relief is likely to prove short-lived with both the left and far right threatening to bring Barnier's government down over the budget, which seeks to squeeze 60 billion euros ($64 billion) in savings through tax hikes and spending cuts.

Marine Le Pen's far right National Rally (RN), whose tacit support Barnier needs to survive a likely no confidence motion, has given him until Monday to accede to her demands to make further changes to the budget.

"This government, under his authority, is willing to listen, to have a dialog, to be respectful, to improve this budget," Armand told journalists.

Asked about the showdown with Le Pen, he said: "The only ultimatum really facing the French is that our country gets a budget."

On Thursday, Barnier already dropped plans to raise electricity taxes in the budget as the RN had demanded, but it is keeping pressure on the government to scrap plans to postpone an increase in some pensions to save money.

RN lawmaker Jean-Philippe Tanguy told Les Echos newspaper on Saturday if the bill is not modified the party would back a no-confidence motion.

The test could come as soon as Monday if his government has to use an aggressive constitutional measure to ram the social security financing legislation through parliament, which will trigger a no-confidence motion.