Algeria’s reserve fund, the Fonds de Regulation des Recettes (FRR), has most likely become superfluous following the government’s decision to divert the country’s hydrocarbons revenue to the state budget effective 2017 rather than to the FFR.   

The FFR for many years collected all ‘surplus’ hydrocarbon revenue and covered budget deficits. But its reserves collapsed by 59% during 2016 ending the year at just AD840bn ($7.6bn; $1=AD110), down from...