IMF Meets Algerian Minister to Discuss Energy Cooperation

The International Monetary Fund went to Algeria to speak with the country’s Minister of Energy Youcef Yousfi. The parts discussed cooperation in the energy sector. 

IMF officials said that the country is able to bear the consequences of the drop in oil prices. 

‘Masood Ahmed … also hailed the "prudential" macroeconomic policy carried out by the Algerian authorities, adding that the Algerian State has managed to develop and strengthen its financial flexibility, which enables the country to face the current situation on the global oil market’ Algeria Press Service wrote on Sunday evening.

The North African country, which holds the third largest shale gas reserves after China and Argentina, is still working to understand how to avoid tensions over unconventional gas projects, while luring investors.

According to pundits, the country is of great importance for Europe as it could be a reliable alternative to Russia. 

“Of the 34 bcm export pipeline capacity to Italy, only one third is used, leaving thus a not utilized export capacity of about 20 bcm available. It is in the interest of both the EU and Algeria to create a joint partnership in which the EU helps Algeria to address some of its current problems” Manfred Hafner, Professor at Johns Hopkins SAIS, Sciences Po Paris, CEO of International Energy Consultants (IEC), said in a recent interview.