IMF OFFICIAL VISITING ALGERIA

WASHINGTON, -- The Deputy Director of the Middle East and Central Asia Department of the International Monetary Fund (IMF), Adnan Mazarei, is making a two-day visit to Algeria.

The Washington-based IMF said in a statement here Monday that Mazarei would be meeting officials of the Ministry of Finance and the Bank of Algeria. He is being accompanied by a team of IMF officials who will remain in Algeria for a week to update IMF data on the Algerian economy.

In its latest annual report on the Algerian economy, the IMF stressed that Algeria was able to cope with the oil crisis, saying that the drop in oil prices had only had a limited effect on the country's growth.

The IMF growth forecast for Algeria suggests an improvement until 2021 despite the oil price decline which it expects to last for some time.

In 2015, the real gross domestic product (GDP) growth in Algeria was 3.9 per cent, according to the IMF and it expects growth of 3.4 per cent in 2016 and 2.9 per cent in 2017. It expectes growth to rebound from 2019 until 2021 when it was expected to recover to 3.4 per cent.

Algeria's oil and gas sector, which returned to growth in 2014 after two years of decline, will maintain this upward trend in the next five years, said the Fund.

Source: Name News Network