مجلة دراسات في الاقتصاد وإدارة الأعمال
Volume 9, Numéro 1, Pages 604-623
2026-06-07
Fiscal And Monetary Policy Coordination Against Covid-19 In Algeria
Authors : Amani Ismail .
Abstract
The COVID-19 pandemic represented an unprecedented economic shock, severely affecting economic activity and public finances worldwide. This paper analyzes Algeria’s fiscal and monetary policy responses to the COVID-19 crisis, with particular emphasis on policy coordination under structural and institutional constraints. Using a qualitative and analytical approach, the study reviews emergency fiscal measures, monetary interventions, and their interaction during the pandemic period. The findings show that fiscal policy played a central role through health spending, social transfers, and targeted support to firms, while monetary policy adopted a cautious, supportive stance focused on liquidity provision and financial stability. However, the effectiveness of these measures was constrained by limited fiscal space, weak monetary transmission mechanisms, and concerns regarding inflation and exchange rate stability. The paper concludes that pragmatic monetary-fiscal coordination helped mitigate the immediate effects of the crisis but remained limited in scale, highlighting the need for stronger fiscal resilience and institutional coordination in future crises.
Keywords
monetary policy ; fiscal policy ; Covid-19 ; Algeria ; Coordination
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