{
  "title": "Algeria: 2022 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, February 2, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/02/02/algeria-2022-article-iv-consultation-press-release-and-staff-report-529078",
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  "summary": "The 2022 Article IV Consultation with Algeria highlights that the upswing in hydrocarbon prices has alleviated pressures on public and external finances and the post-pandemic recovery has likely gathered pace.",
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    {
      "heading": "Near-term outlook and macroeconomic backdrop",
      "content": "- The upswing in hydrocarbon prices has alleviated pressures on public and external finances.\n- The post-pandemic recovery has likely gathered pace.\n- The prospects for 2023 are favorable but growth is projected to decelerate and inflation to remain high in the medium term.\n- The announced sizeable rise in spending under the 2023 budget could:\n  - reverse the progress achieved on narrowing the deficit since 2018,\n  - weaken the resilience of public finances,\n  - add to inflation pressures."
    },
    {
      "heading": "Risks to fiscal and financial stability",
      "content": "- Continued wide fiscal deficits and increasing principal repayments coming due on past monetary financing would result in large fiscal financing needs through the medium term.\n- As the authorities have ruled out foreign borrowing, meeting these financing needs would:\n  - heap significant pressure on the domestic banking system,\n  - pose risks to financial and macroeconomic stability."
    },
    {
      "heading": "Policy guidance and recommendations",
      "content": "- Gradual fiscal rebalancing guided by a rules-based framework is needed to:\n  - enhance the resilience of public finances,\n  - safeguard macroeconomic stability in the medium term.\n\nAlgeria: 2022 Article IV Consultation-Press Release; and Staff Report — February 2, 2023\n\n---\n\n Content in this bundle\n\n- 1dzaea2023001\n  - 1dzaea2023001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1dzaea2023001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 2, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400233395.002",
    "The upswing in hydrocarbon prices has alleviated pressures on public and external finances.",
    "The post-pandemic recovery has likely gathered pace.",
    "The prospects for 2023 are favorable but growth is projected to decelerate and inflation to remain high in the medium term.",
    "The announced sizeable rise in spending under the 2023 budget could:",
    "Continued wide fiscal deficits and increasing principal repayments coming due on past monetary financing would result in large fiscal financing needs through the medium term.",
    "As the authorities have ruled out foreign borrowing, meeting these financing needs would:",
    "Gradual fiscal rebalancing guided by a rules-based framework is needed to:",
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