Economic analyst Hanan Ramses confirmed that negotiations between Russia and Algeria to join the Russian financial system are an opportunity for Moscow to gain another strong ally after Egypt in North Africa.
Ramses said in a statement to RT that this would be a continuation of another map of global economic power and would open up new horizons for Russia to help offset losses from Western economic sanctions, which would also give Russia new horizons for cooperation. and tighter control over the energy file.
In this regard, she added that Algeria is one of the richest countries in North Africa in oil and gas, and that these transactions will strengthen the value of the Russian ruble and open the way for working with “BRICS” as an additional currency to the Algerian currency.
She said: “It will also restore the economic strength of Algeria in the future, and it will become a strategic partner and strong ally for Russia with this joint cooperation, which will not be limited to financial aspects, but will also affect economic, agricultural, commercial and military aspects.”
Also in this regard, the economic analyst considered that there is no doubt that the dollar is gradually losing its prestige, especially after the information of the candidate that another Arab country is joining the Eastern camp and prefers to deal with Russia financially and economically, and I I mean here Algeria .. despite the large oil and gas production in Algeria. Considered one of the largest energy exporters in North Africa, its currency is not pegged to the dollar and suffers from the risks of inflation and currency depreciation.
Ramses added: “Algeria is trying to narrow the funding gap through many methods, including borrowing from abroad, which results in high finance and operating costs and links them to debt maturities, installments and interest.”
She said: “According to the vision of Russia and China to form allies in North Africa, a meeting of the head of the Russian parliament’s economic cooperation committee took place to start negotiations with Algeria to link it with the financial correspondence transmission system to the Bank of Russia.”
She explained that this is undoubtedly an opportunity for Algeria to get out of the economic crisis with the least possible losses and reduce the amount of debt, as well as an opportunity for Russia to get another strong ally after Egypt in the North African region. .
Source: RT
Cairo – Nasser Hatem