Economics
One OPEC State Muddles Through Oil Slump as History Deters Debt
- Algerian officials say they don’t want to ‘mortgage’ future
- History, politics preventing bond issuance, analysts say
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The new realities of global oil markets are yet to convince economic policy makers in Algeria that it’s time for a radical rethink.
Unlike the rest of OPEC’s members -- with the exceptions of war-torn Libya and sanctioned Iran -- Algeria has steered clear of tapping global debt markets three years into the oil-price slump. Neither will it overhaul laws to attract more foreign investors. A cabal of aging leaders sitting at the top of the party that delivered independence more than half a century ago is united in its opposition to “mortgaging” the country’s future.