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Algeria: Selected Issues Paper

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by International Monetary Fund. Midd Dept.
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Algeria: Selected Issues Paper by International Monetary Fund. Midd Dept.

Conclusions * Algeria will need to undertake significant and consistent fiscal consolidation to restore fiscal sustainability. In the wake of the crisis, Algeria expanded wages, subsidies, and transfers in an effort to address social demands. At the same time, revenues declined as a result of slumping hydrocarbon exports. Five consecutive years of fiscal deficits, combined with declining hydrocarbon exports and a relatively short time horizon for hydrocarbon resources, have placed fiscal policy on an unsustainable trajectory that threatens to leave future generations less well off. Fiscal consolidation initiated in 2013 was welcome but limited in scope. Future consolidation must be more ambitious and sustained over many years to restore sustainability. 30. Successful fiscal consolidation depends on both mobilizing more revenues and rationalizing expenditures. On the revenue side, Algeria must find ways to increase nonhydrocarbon revenues, given finite hydrocarbon resources and the volatile nature of oil prices. Although statutory tax rates are not especially low, the tax base is small, implicit subsidies are costly in terms of foregone revenues, and more can be done to strengthen tax administration. On the expenditure side, Algeria must contain current spending while preserving growth-enhancing capital 14 The authorities intend to have a medium-term budget framework and performance-based budgeting in place by 2016, with a transition period beginning in 2015

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Ebook Details
Pages: 69
Size: 5.4 MB
Date published:   2014
ISBN: 9781475567854 (DRM-EPUB)

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Nonfiction > Business & Economics > Money & Monetary Policy
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