Algeria's president named Finance Minister Aymen Benabderrahmane as Prime Minister on Wednesday 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 in which the Front de Libération Nationale (FLN) won the most seats amid protests.
OPEC member Algeria has been under financial pressure from lower oil and gas revenues, the main source of state finances.
The crisis has worsened during the Covid-19 pandemic, forcing the government to delay investment projects in various sectors.
The North African nation of 45 million people has not yet managed to diversify its economy away from oil and gas despite attempts to develop the non-energy sector.
Elected in December 2019, President Abdelmadjid Tebboune has said 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.
Mr Benabderrahmane set up a National Committee to address money laundering, terrorism financing and the proliferation of weapons of mass destruction in March, the Algeria Press Service said.
He became Finance Minister in June last year after a stint as Central Bank Governor.