Despite global financial turmoil and low oil prices, Algerian authorities are taking advantage of their relatively sheltered position to expedite economic reforms under a renewed presidential mandate. Following the re-election of President Abdelaziz Bouteflika to a third term, the Algerian government looks set to continue its policy of increased spending, including a $166 billion development fund. While critics have lamented the slow pace of investment reforms during Bouteflika’s first two terms, few investors question that Algeria today is a much safer place to invest than before. Heralding a stream of investment projects, the development fund, unveiled in December 2008, will be put in motion as the election excitement subsides. Abdelmalek Sellal, Bouteflika’s campaign manager, told local press that the “amount was calculated based on [Algeria’s] foreign exchange reserves… which will allow Algeria to fund upcoming investments with ease.” The start of Bouteflika’s third mandate has given the government an opportunity
