A plan for reducing Algeria's external debts

The new Algerian government started making a plan to reduce the country's external debts to $24 billion US by the beginning the year 2002 instead of Algeria's current debts of $28.2 billion US.

A statement issued by the Algerian Ministry of Finance said the foreign currency reserves will reach $10 billion in 2002 and the shortage in the payment balance will be gradually reduced till achieving a surplus at the end of 2001.

The statement also said the value of foreign investment in Algeria reached $500 million, most of which is in the petroleum sector.