Algeria Ignores Storm Clouds With 2015 Budget

Algeria is maintaining an expansionary fiscal policy in 2015 despite the collapse of oil prices by more than half since July. The cabinet drew up the 2015 budget in August, when oil prices were still relatively high and parliament subsequently approved it on 29 October, without any amendments to reflect the crash in oil prices, which accelerated after the end-November OPEC meeting.  

Algeria’s 2015 budget law projects a...