Algeria raises taxes to help make up for fall in price of country's valuable oil exports

Algeria's government has unveiled a host of new taxes to boost revenues hit by a plunge in the price of oil, a key export.

There have even been hints that the government might have to borrow from abroad. On Thursday, Minister of Commerce Bekhti Belaib met with the head of the International Monetary Fund's mission in Algeria, Jean Francois Dauphin, to discuss the crisis.

The new budget announced by the government Wednesday raises taxes on diesel, 3G internet and electricity consumption. It also raises customs duties on imported electronics.

Many products in Algeria are heavily subsidized.

Diesel, already some of the cheapest in the region, would rise about 10 percent to 17 cents a liter.

In the past year, foreign reserves have dropped from $194 billion to $159 billion.