November 23, 2017 / 11:59 AM / 22 days ago

Algeria should pay debts owed to foreign and local firms -presidency

ALGIERS, Nov 23 (Reuters) - Algerian President Abdelaziz Bouteflika ordered his government to settle debts owed to foreign and local companies immediately, the presidency said on Thursday.

The debt amounts to around 400 billion Algerian dinars ($3.50 billion).

Algeria’s economy has been under pressure since oil prices started falling in mid-2014. This hit oil and gas earnings, which account for 60 percent of the state budget. ($1 = 114.4260 Algerian dinars) (Editing by Matthew Mpoke Bigg)

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