Algeria saved $2 billion thanks to its debts pre-payment, a National People’s Assembly finance and budget commission report unveiled. It also noted the national economy's vulnerability owing to oil receipts dependence.

The saved amount after the adoption of the debts pre-payment principle is constituted of debts' interests and financial fees [unincurred] to credits due to be paid off between 2006 and 2011.

The report, of which El Khabar got a copy, mentioned that the debts rate went down from $15 billion last February to $7.7 billion by last September 2006. Debts pre-payment operation’s completion is expected by the end of next November.

The same source said that the $19 a barrel reference price is an important factor in the exchange reserves record number reaching $70 billion last August. The report further mentioned that financial affluence allowed raising the receipts regulation fund’s amount.

Algeria's $2 billion savings