Algeria Vacation Trips
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The fossil fuels energy sector is the backbone of Algeria's economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. The country ranks fourteenth in petroleum reserves, containing 11.8 billion barrels of proven oil reserves with estimates suggesting that the actual amount is even more. The U.S. Energy Information Administration reported that in 2005, Algeria had 160 trillion cubic feet of proven natural gas reserves, the eighth largest in the world.
Algeria’s financial and economic indicators improved during the mid-1990s, in part because of policy reforms supported by the International Monetary Fund and debt rescheduling from the Paris Club. Algeria’s finances in 2000 and 2001 benefited from an increase in oil prices and the government’s tight fiscal policy, leading to a large increase in the trade surplus, record highs in foreign exchange reserves, and reduction in foreign debt.
The government's continued efforts to diversify the economy by attracting foreign and domestic investment outside the energy sector have had little success in reducing high unemployment and improving living standards, however. In 2001, the government signed an Association Treaty with the European Union that will eventually lower tariffs and increase trade. In March 2006, Russia agreed to erase $4.74 billion of Algeria's Soviet-era debt during a visit by President Vladimir Putin to the country, the first by a Russian leader in half a century. In return, president Bouteflika agreed to buy $7.5 billion worth of combat planes, air-defense systems and other arms from Russia, according to the head of Russia's state arms exporter Rosoboronexport.
Algeria also decided in 2006 to pay off its full $8bn debt to the Paris Club group of rich creditor nations before schedule. This will reduce the Algerian foreign debt to less than $5bn in the end of 2006. The Paris Club said the move reflected Algeria's economic recovery in recent years.
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