Algeria to contribute $5B to IMF

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Associated Press

Posted on October 11, 2012 at 12:03 PM

Updated Thursday, Oct 11 at 4:04 PM

ALGIERS, Algeria (AP) — Algeria's Finance Ministry and central bank have announced the country is contributing $5 billion to the International Monetary Fund.

In April, Algeria said the IMF had asked for Algeria's participation in the international lending institution.

Flush with oil and natural gas, Algeria has foreign reserves of more than $186 billion, according to its central bank.

Algeria is the third largest supplier of natural gas to Europe after Russia and Norway.

The sum it is contributing puts Algeria at an "intermediate" level of contributors according to Thursday's statement.

The move "contributes positively to the country's image in the international community," it added.

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