SovereignWealthFunds.comRevenue Regulation Fund (Algeria)
Algeria: what it invests in
Geography Mainly domestic
Algeria: how big it is, and on what basis
In US dollars: The balance is effectively zero, so no US dollar figure is shown.
Algeria: what it publishes
Published 3 · Partly 1 · Not published 6
Our 10 item score. It measures what is public, not how well a fund is run.
- Transparency scoreS8
- 3.5 of 10
At a glance. Algeria's Revenue Regulation Fund is a Treasury account created in 2000 to capture oil-tax receipts above the budget forecast. The money has been used to repay public debt and finance Treasury deficits. Since 2000 it has received about DZD 25.9 trillion of oil-tax surplus. The balance peaked near DZD 5.6 trillion in 2012 and stood at DZD 0.01 at the end of 2024, after that year's deficit financing. S3 S1
Key points
- A Treasury special account, not an investment company. S1
- Receives oil-tax revenue above the finance law forecast. S3
- About DZD 25.9 trillion of surplus credited from 2000 to 2024. S3
- DZD 2.6 trillion of public debt principal repaid from it in 2000 to 2008. S3
- About DZD 22.7 trillion used to finance Treasury deficits. S3
- Balance of DZD 0.01 at 31 December 2024. S1
Interesting facts
Mandate and goals
Hold oil-tax revenue above the finance law forecast and use it to finance the Treasury deficit and cut public debt. S1 S4
How it invests
| Industries | Financial services S1 |
|---|---|
| Asset classes | Not published S1 |
| Stages | Not published S3 |
| Geography | Mainly domestic. Domestic Treasury use S1 |
| Direct / through funds / co-invest | Yes / No / No S1 |
| Managed in house | 100 percent S1 |
| Ticket size | Not an investor; no ticket size. S1 |
| External managers | None S1 |
| Co-investment programme | None S1 |
Published criteria
- Uses set by the annual finance law. S1
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2024 | Deficit financing, 2024. Full available balance used for the Treasury deficit. S3 | State asset transfer | Financial services | Credit | DZD 2,988B |
| 2023 | Oil-tax surplus credited, 2023. Receipts of DZD 5,577B against a DZD 3,856B forecast. S3 | State asset transfer | Financial services | Credit | DZD 1,721B |
| 2015 | Deficit financing, 2015. Third-largest yearly draw for the Treasury deficit. S3 | State asset transfer | Financial services | Credit | DZD 2,887B |
| 2008 | Public debt principal repaid, 2000 to 2008. Early-years use to cut public debt. S3 | State asset transfer | Financial services | Credit | DZD 2,600B |
| 2007 | Central bank advances repaid. Repayment of Bank of Algeria advances. S3 | State asset transfer | Financial services | Credit | DZD 608B |
Case studies
Paying down debt in the boom S3
- What: Oil-tax surpluses were used to repay public debt principal each year from 2000 to 2008.
- When: 2000 to 2008
- Size: DZD 2.6T
- Why: Debt reduction is one of the two uses set in law.
- Outcome: Balance still rose to DZD 4.3 trillion by end 2008.
Funding deficits after the oil price fall S3
- What: The account financed large Treasury deficits as oil-tax receipts dropped.
- When: 2014 to 2017
- Size: DZD 8.0T drawn
- Why: The mandate allows use for deficit financing.
- Outcome: Balance went from DZD 5.56 trillion at end 2013 to zero at end 2017.
Refill and reuse S3
- What: High oil receipts refilled the account, which then funded the 2024 deficit.
- When: 2022 to 2024
- Size: DZD 2.99T used in 2024
- Why: Surplus receipts are banked for budget use.
- Outcome: Balance at DZD 0.01 at end 2024.
Investment process
The annual finance law sets the oil reference price, and so the surplus credited and the withdrawals approved. S1 S3
- Finance law sets the oil-tax forecast. S3
- Receipts above forecast go to the account. S3
- Withdrawals fund debt repayment or the deficit. S3
- Year-end balance published in the law annex. S6
How to approach: No external investment; data are on the Ministry of Finance site. S8
Size and returns
- Headline size: DZD 0.01 (Fund market value, as of 2025-12-31) S1
- In US dollars: The balance is effectively zero, so no US dollar figure is shown.
- Balance shown at 31 Dec 2023 (finance law annex): DZD 3.69T (Fund market value, as of 2023-12-31) S6
- Peak balance after withdrawals, end 2012: DZD 5.63T (Fund market value, as of 2024-12-31) S3
- Returns: the fund does not publish a return figure.
- Size over time (DZD billion): 2005 1,842.7, 2008 4,280.1, 2012 5,633.8, 2014 4,408.2, 2016 784.5, 2017 0, 2020 0, 2022 1,966.6, 2023 2,659.9, 2024 0 S3
Leadership
| Name | Title | Since |
|---|---|---|
| Mohammed Lamine Lebbou | Minister of Finance (authorising officer) S7 | 2026-09-02 |
Governance and transparency
- Legal basis: Article 10, Law 2000-02 of 27 June 2000; amended by the 2017 finance law and an April 2017 decree S1 S4
- Oversight: Ministry of Finance and Parliament through the annual finance law S1
- No separate fund board or accounts. S1
- Series published by the Treasury directorate (DGTC data). S3
Transparency score: 3.5 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 2000-06-27 | Account created by Law 2000-02. S1 |
| 2007 | Central bank advances repaid. S3 |
| 2012 | Balance peaks at DZD 5.63T. S3 |
| 2017 | Minimum balance rule removed; balance reaches zero. S4 S3 |
| 2023 | DZD 1.72T surplus credited. S3 |
| 2024 | DZD 2.99T used for the deficit. S3 |
| 2026-09-02 | Mohammed Lamine Lebbou takes office as finance minister. S7 |
For family offices
A budget stabilisation account with no investment programme. Useful as a guide to Algeria's fiscal buffers, not as a partner. S1
Reports
- Finance Law 2026 (account annex): https://dgb.mf.gov.dz/wp-content/uploads/2026/01/LF-2026.pdf S1
- FRR position 2000 to 2024 (Excel): https://dgpp.mf.gov.dz/wp-content/uploads/2025/12/FRR-2000-2024.xlsx S3
Common questions
What is the FRR?
A Treasury account that holds oil-tax revenue above the budget forecast. S1
How large is it?
DZD 0.01 at the end of 2024, after that year's deficit financing. S1 S3
What has it been used for?
Repaying public debt and financing Treasury deficits. S3
Who runs it?
The Ministry of Finance. S1
Related profiles
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- National Fund for Hydrocarbon Revenues (Mauritania) Mauritania · USD 214.5M
- Congo Budget Revenue Stabilization Fund Republic of the Congo · FCFA 1,131M (about USD 2.0M)
- Libyan Investment Authority Libya · About USD 51.8B (direct portfolio incl. cash)
- Ethiopian Investment Holdings Ethiopia · About USD 45B, estimate
- Mutapa Investment Fund (Zimbabwe) Zimbabwe · USD 16.5B
All sovereign wealth funds in Africa · All stabilisation funds · All funds in Algeria
Sources
- S1Ministry of Finance, Finance Law 2026
- S2IFSWF, members list
- S3Ministry of Finance (DGPP), FRR position 2000 to 2024
- S4TSA Algerie, FRR statutes formally amended
- S5L'Express, 2023 oil revenue and FRR allocation
- S6Journal Officiel 2024 no. 84 (Finance Law 2025 annex)
- S7Algerie Eco, partial cabinet reshuffle
- S8Ministry of Finance (DGPP), public finance data
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