Algeria is on its third strategy in as many years for ‘dealing’ with low oil prices. 2015-16 saw ‘full steam ahead’ with fingers crossed prices would rapidly rebound. 2017 saw it slam on the brakes as the coffers ran dry. Now Algiers plans to totally reverse course, firing up the printing press for a 20% spending boost in 2018.

Algerian officials have in recent weeks spelt out their new “unconventional” financial strategy whereby the country will boost...