IN ALGERIA OIL PRICES ARE UP AGAIN BUT… THEIR COLLAPSE LED TO AD 108 BILLION DEFICIT IN THE TREASURY

WHEN OIL PRICES FALL, EVERYTHING ELSE FOLLOWS

The collapse of oil prices during the second half of last year has had a devastating impact on Algeria's finances. The country's balance of payments recorded a deficit worth $900 million during the first half of 1998. The World Bank explains that this was also the result of inadequate availability of medium and long-term credits and the use of cash for financing. more >>

IN MOROCCO FISCAL DISCIPLINE AND PRIVATIZATION OFFSET IMPACT OF DROUGHT.

According to the Moroccan minister of economy and finance, Fathallah Oualalou, Morocco's rate of growth this year is expected to fall to about 1%, in contrast to the 6.5% growth rate last year. The drop is monumental, and the minister blames "mother nature" vis a vis the recent drought, as the principal cause of this decline. This year's drought, in a country where agriculture output accounts for a major percentage of GDP, has had a domino effect on many other sectors. more >>