Ayman Benabderrahmane, 60, a former central bank governor, replaces Abdelaziz Djerad, who held the post since late 2019 and presented his government’s resignation last week following a parliamentary election.
Algeria's president has named Finance Minister Ayman Benabderrahmane as prime minister and asked him to form a new government.
The presidency announced his appointment to replace Abdelaziz Djerad, who resigned last week following a parliamentary election on June 12.
OPEC member Algeria has been under financial pressure because of lower oil and gas revenues, the main source of state finances, causing a widening trade deficit.
The crisis has worsened further after the Covid-19 pandemic, forcing the government to delay several planned investment projects in various sectors.
Political and economic reforms
The North African nation of 45 million people has not yet managed to diversify the economy away from oil and gas despite attempts to develop the non-energy sector.
Its oil revenues have slumped in the face of the global economic slowdown amid the coronavirus pandemic.
Unemployment stands at more than 12 percent, according to World Bank figures.
Elected in December 2019, President Abdelmadjid Tebboune has said repeatedly he will carry out political and economic reforms after mass protests demanding the departure of the ruling elite forced his predecessor Abdelaziz Bouteflika to resign in April 2019.