Algerian Finance Minister Aymen Ben Abdel Rahamane was named prime minister Wednesday, the presidency said, following legislative elections earlier this month and as the country seeks to curb a deep socio-economic crisis.

"Aymen Ben Abdel Rahamane has been appointed prime minister and charged with carrying on consultations with political parties and civil society to form a government as soon as possible," the presidency said in a statement.

Ben Abdel Rahamane, 60, replaces Abdelaziz Djerad, who had held the post since late 2019 and presented his government's resignation last week.

Africa's fourth-largest economy is heavily dependent on oil revenues, which have slumped in the face of the global economic slowdown.

Unemployment stands at more than 12 percent, according to World Bank figures.

President Abdelmadjid Tebboune, who had previously expressed dissatisfaction with Djerad and his cabinet, thanked him for leading the government "during difficult conditions", particularly the novel coronavirus pandemic.