ALGIERS: Algeria said Saturday that the coronavirus crisis on top of falling oil prices have caused unprecedented damage to its economy, including over $1 billion in losses in the public sector alone.
“Algeria is facing an unprecedented difficult economic situation,” said Prime Minister Abdelaziz Djerad, quoted by the official APS news agency.
This was due to “the structural crisis inherited from the former government, the fall in hydrocarbon prices and finally, the health crisis” of the novel coronavirus.
The premier was speaking at a meeting at which Finance Minister Aymen Benabderahmane announced public company losses totalled more than $1 billion, affecting mainly the transport and energy sectors.
The government decided in early May to slash the state budget by half because of the global collapse in oil prices and coronavirus lockdowns.
The North African nation is heavily dependent on oil production, which generates over 90 percent of its export revenues.
The International Monetary Fund forecasts Algeria’s economy will shrink by 5.2 percent this year, and it will have among the highest budget deficits in the region.
President Abdelmadjid Tebboune has ruled out approaching the IMF for loans, saying, “accumulating debt harms national sovereignty.”
A commission tasked with assessing the impact of the pandemic on the national economy was set up Saturday, according to APS.
Algeria has reported several record daily tallies of COVID-19 cases in the past week, with 601 new infections confirmed Saturday.
The worst-affected country in North Africa, Algeria has officially reported a total of more than 22,500 cases of the COVID-19, including 1,068 deaths.
Algeria: Public companies lost over $1 bln due to coronavirus
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Algeria: Public companies lost over $1 bln due to coronavirus
- “Algeria is facing an unprecedented difficult economic situation,” said Prime Minister Abdelaziz Djerad
- The government decided in early May to slash the state budget by half because of the global collapse in oil prices and coronavirus lockdowns
Education spending surges 251% as students return from autumn break: SAMA
RIYADH: Education spending in Saudi Arabia surged 251.3 percent in the week ending Dec. 6, reflecting the sharp uptick in purchases as students returned from the autumn break.
According to the latest data from the Saudi Central Bank, expenditure in the sector reached SR218.73 million ($58.2 million), with the number of transactions increasing by 61 percent to 233,000.
Despite this surge, overall point-of-sale spending fell 4.3 percent to SR14.45 billion, while the number of transactions dipped 1.7 percent to 236.18 million week on week.
The week saw mixed changes between the sectors. Spending on freight transport, postal and courier services saw the second-biggest uptick at 33.3 percent to SR60.93 million, followed by medical services, which saw an 8.1 percent increase to SR505.35 million.
Expenditure on apparel and clothing saw a decrease of 16.3 percent, followed by a 2 percent reduction in spending on telecommunication.
Jewelry outlays witnessed an 8.1 percent decline to reach SR325.90 million. Data revealed decreases across many other sectors, led by hotels, which saw the largest dip at 24.5 percent to reach SR335.98 million.
Spending on car rentals in the Kingdom fell by 12.6 percent, while airlines saw a 3.7 percent increase to SR46.28 million.
Expenditure on food and beverages saw a 1.7 percent increase to SR2.35 billion, claiming the largest share of the POS. Restaurants and cafes retained the second position despite a 12.6 percent dip to SR1.66 billion.
Saudi Arabia’s key urban centers mirrored the national decline. Riyadh, which accounted for the largest share of total POS spending, saw a 3.9 percent dip to SR4.89 billion, down from SR5.08 billion the previous week.
The number of transactions in the capital settled at 74.16 million, down 1.4 percent week on week.
In Jeddah, transaction values decreased by 5.9 percent to SR1.91 billion, while Dammam reported a 0.8 percent surge to SR713.71 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with the Kingdom’s Vision 2030 objectives, promoting electronic transactions and contributing to the nation’s broader digital economy.
