Middle East Economic Survey

VOL. XLIX

No 12

20-March-2006

ALGERIA

Russia Writes Off Algerias $4.7Bn Debt

In his first visit to Algeria on 10 March, Russian President Vladimir Putin signed an agreement to write off Algerias $4.74bn debt to Russia. In return, the Algerian authorities have agreed to purchase $7.5bn worth of Russian weapons and combat planes, according to Russian news sources. Algerian media confirmed the debt write-off and said the country would spend the same amount in return on...