Algeria: Banks to re-schedule Coronavirus-hit companies’ loan instalments

Algeria’s central bank Tuesday issued a stimulus package including ability for retail lenders to defer loan payments for firms, which have been financially affected by the coronavirus crisis.

Banks will continue to finance customers benefiting from loan payment deferrals, while reducing their minimum liquidity requirement to raise funding levels.

The North African country has been hit hard by the disease, which has infected 1,572 people and killed 205 patients.

The adverse effects of the outbreak have been compounded by oil price crash leaving the North African country with no option than slashing the national budget.

According to Reuters, the president ordered state energy firm Sonatrach to halve planned investment spending to $7 billion, just three months after the government approved a new energy law aimed at boosting investment by offering incentives to foreign companies.