Algeria’s President Abdelmadjid Tebboune has announced Finance Minister Ayman Benabderrahmane as Prime Minister and asked him to form a new government.
The Presidency announced his appointment to replace Abdelaziz Djerad, who resigned last week following a parliamentary election on June 12.
Algeria has been battling its shrinking revenues and widening trade deficit rising from falling oil and gas prices.
In spite of its attempts to develop the non-energy sector, the oil rich African nation of 45 million people has been unable to diversify the economy away from oil and gas.
The situation was further execrated due to the COVID-19 pandemic, forcing the government to delay numerous strategic investment projects in various sectors.
Elected in December 2019, Tebboune has restated his intentions to carry out political and economic reforms after mass protests demanding the departure of the ruling elite forced his predecessor Abdelaziz Bouteflika to quit.
Last year in September, Algeria announced it will, for the first time launch Islamic insurance, known as takaful, as the government seeks to boost the country’s Islamic finance industry.
Benabderrahmane who was Finance Minister at the time, explained that the country planned to set up banks in neighbouring African countries like Niger and Mali as part of wider economic reforms in the country.