Algeria rules out IMF borrowing to ease financial woes

Algeria fell into heavy debt with the IMF during the 1990s, an episode Tebboune referenced in his address. PHOTO | FILE | AFP

Algerian President Abdelmadjid Tebboune has declared his country will not approach the IMF for loans, despite a financial crisis triggered by a collapse in global oil prices and coronavirus lockdowns.

"Accumulating debt harms national sovereignty," said Tebboune, in a meeting with Algerian media broadcast late Friday.