State finances were already under pressure in Algeria, where the government had forecast foreign exchange reserves would reach $114 billion by the end of last year, from $144 billion in 2015 and $178 billion the previous year.
Oil and gas earnings make up 94 percent of total exports and 60 percent of the state budget in the North African state.
Algeria's government had maintained high levels of public spending and domestic subsidies before crude oil prices started sliding in mid-2014.
The government had expected oil and gas earnings to drop to $27.5 billion by the end of 2016 from $35.7 billion in 2015 and $60 billion in 2014.
The government has approved a 14 percent cut in its budget for 2017 and endorsed higher taxes in a bid to cope with lower energy revenues. It also promises to maintain a subsidy system, a sensitive issue, that will cost $18 billion this year.
(Reporting by Hamid Ould Ahmed, editing by Larry King) ((firstname.lastname@example.org;))
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