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Algiers (AFP) - Algeria must undertake "prudent" economic policies and launch "structural reforms" of its export sector for the energy-dependent state to cope with a sharp drop in global oil prices, an IMF official said on Monday.

Zeine Zeidane, a former International Monetary Fund chief of mission for Algeria who is now advising the IMF's Middle East and Central Asia Department, said the country must enact "prudent macroeconomic policies" such as improving its competitiveness and moving towards greater fiscal consolidation.

"These policies will allow for a reduction in imports and strengthen... external competitiveness," Zeidane said, according to remarks published by Algeria's domestic news agency APS.

The IMF official, who was making a regular visit to the country for meetings, also called for "structural reforms that diversify the export sector and make it more competitive".

Revenues from oil exports fell almost 43 percent in the first four months of 2015 compared to the same period a year earlier thanks to falls in world oil prices, according to official figures.

Energy sales account for more than half of Algeria's government budget.

Tag(s) : #Economy

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