Algeria to grant IMF $5 billion

The Algerian Finance Ministry Algiers - Hocine Bousalah The Algerian Finance Ministry and central bank announced it will grant $5 billion to the International Monetary Fund (IMF). In April, the IMF  asked Algeria to participate in the organisation's efforts to secure global financial stability. The $5 billion places Algeria at an “intermediate” level of contributors, statements revealed on Thursday. Algeria, rich in oil and natural gas, has more than $186 billion in foreign reserves, according to reports by the Central Bank. In the statement by IMF, the decision "contributes positively to the country's image in the international community." Abdelaziz Rehabi, former minister and Algerian diplomat criticised "the lack of transparency" from the Algerian government regarding this issue. He said the IMF announced months ago that it was negotiating with Algeria over a $20 billion contribution. However, the Algerian government remained silent on the issue until the $5 million contribution was announced on Thursday.