A man works at the construction site in Algiers, Algeria September 10, 2018. -Reuters
Algeria is looking into allowing majority foreign ownership in non-strategic sectors of its economy, the government said in a statement on state media late on Wednesday, without giving details.
Algeria has prevented foreign investors from holding stakes of more than 49%, and large parts of the economy have remained under state control. A government statement announcing the draft 2020 budget included the reform, but it must still go through more layers of approval before becoming law.
It did not specify which sectors in the major energy producer are strategic, but economists say they could include oil and gas, electricity, transportation, water and telecoms. Algeria has been looking into economic reforms in recent years as lower energy prices undermined its fiscal position. Oil and gas provide 94% of export earnings and 60% of a budget that doles out extensive benefits to citizens.
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