Tunis, Tunisia—The authorities in Algiers have conceded that some 55 state-owned companies in Algeria employing more than a hundred thousand people were technically bankrupt.
A government minister even described them as political
time-bombs
that should no longer receive subventions without first
making commitment to reform.
State-owned enterprises at the end of last year were some 118 billion Algerian dinars in the red, up from 108 billion in 1999.
The government has responded to the crisis by advocating a privatisation programme over a period of between five and ten years.
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