## Algeria: Staff Report for the 2004 Article IV Consultation

_IMF Staff Country Reports, February 15, 2005_

## Source details

**Canonical URL:** [Algeria: Staff Report for the 2004 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/algeria-staff-report-for-the-2004-article-iv-consultation-18056)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/algeria-staff-report-for-the-2004-article-iv-consultation-18056/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/algeria-staff-report-for-the-2004-article-iv-consultation-18056/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/algeria-staff-report-for-the-2004-article-iv-consultation-18056/bundle-manifest.json)

## Bibliographic details
- Published: February 15, 2005
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451811452.002

---

### Overview
- Publication date: February 15, 2005.
- Core message: Fiscal expansion contributed to job creation, but unemployment remains high; vulnerability of public finances to oil price fluctuations has increased; monetary policy helped keep inflation under control.
- Principal policy objective identified: Sound management of high external inflows from hydrocarbon exports is key to improving the outlook for private sector–driven economic growth and employment.
- Fiscal stance: The fiscal adjustment planned by the government will gradually bring the nonhydrocarbon primary deficit to a sustainable level.

### Key findings
- Fiscal expansion has supported job creation.
- Unemployment remains high.
- Public finances are increasingly vulnerable to oil price fluctuations.
- High external inflows from hydrocarbon exports require sound management to support private sector growth and employment.
- Monetary policy has helped keep inflation under control.

### Policy implications and recommendations
- Implement the planned fiscal adjustment to gradually restore sustainability of the nonhydrocarbon primary deficit.
- Manage hydrocarbon-related external inflows prudently to support a shift toward private sector–driven growth and employment.
- Maintain monetary policy settings that continue to contain inflationary pressures.

### Thematic coverage (as stated in the report)
- Economic sectors
- Expenditure
- External debt
- Financial institutions
- Public debt
- Public enterprises
- State-owned banks

*Source: Algeria: Staff Report for the 2004 Article IV Consultation (February 15, 2005).*

---

## Content in this bundle

- **_cr0550**
  - [_cr0550 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2005/_cr0550.pdf.md){rel="alternate" type="text/markdown"}
  - [_cr0550 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2005/_cr0550.pdf){rel="external" type="application/pdf"}
- **_cr0550f**
  - [_cr0550f (Markdown version)](/-/media/websites/imf/imported-publications/external/pubs/ft/scr/2005/fra/_cr0550f.pdf.md){rel="alternate" type="text/markdown"}
  - [_cr0550f (PDF)](/-/media/websites/imf/imported-publications/external/pubs/ft/scr/2005/fra/_cr0550f.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/algeria-staff-report-for-the-2004-article-iv-consultation-18056_