Cows are seen in a farm in Tipaza, Algeria April 21, 2018. REUTERS/Ramzi Boudina
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Algeria has dropped a plan to open up farmland concessions to foreign investors for the first time, a government official told Reuters Monday, apparently reflecting continuing sensitivity about allowing outsiders into the oil reliant economy. The plan, which was due to be discussed at a Cabinet meeting last week, had called for allowing foreigners to partner with a state or a private Algerian firm to bid for agricultural concessions.The presidency cancelled the plan just days later.Offering agricultural concessions to foreign firms was meant to improve food output and cut spending on imports as oil and gas revenues have halved since 2014 – food accounts for 20 percent of the OPEC member's $50 billion annual import bill.
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