✏️ BY: Dr. Hana Saada
Algiers, Algeria | June 8th, 2024 — Algeria’s Minister of Finance, Laaziz Faid, reaffirmed the nation’s steadfast dedication to a comprehensive economic reform program during discussions with Bahador Bijani, the IMF representative for Algeria’s constituency. The meeting underscored Algeria’s commitment to enhancing its economic performance through targeted reforms, as detailed in a statement released by the Ministry of Finance on Thursday.
Minister Faid emphasized the robust position of the Algerian economy, buoyed by industrial activity and agricultural investments, with promising results on the horizon. Algeria’s ambitious reform agenda aims to fortify economic outcomes for sustainable and inclusive development, a commitment reaffirmed during the dialogue.
Highlighting the stable macroeconomic framework and positive growth projections aligning with IMF forecasts, Minister Faid outlined Algeria’s reform initiatives. These include budgetary framework revisions, digitalization of financial administration, economic diversification efforts, and measures to enhance the business environment and foster entrepreneurship.
Of significant note is Algeria’s comprehensive banking system reform through the enactment of a new monetary and banking law. This modernization endeavor aims to adapt the sector to current and future technological advancements, facilitating a favorable climate for economic operators and providing them with digital banking tools.
Anticipated reforms, such as the enactment of the Public-Private Partnership (PPP) law, underscore Algeria’s commitment to economic diversification, with the aim to increase non-hydrocarbon exports from $7 to $13 billion by 2025.
Minister Faid expressed gratitude for the collaboration between Algeria and the IMF, particularly in areas such as budget management, taxation, and treasury matters. He urged enhanced IMF support through knowledge transfer and capacity-building initiatives, crucial for Algeria’s reform program.
Mr. Bijani commended Algeria’s efforts to establish the foundations for robust economic growth, acknowledging the nation’s insightful approach to GDP rebasing. He pledged support for advocating at the IMF Board of Directors to bolster knowledge transfer operations, tailored to the needs of developing countries.
The dialogue reaffirms Algeria’s proactive stance in driving economic reforms and underscores the IMF’s commitment to supporting these endeavors, setting the stage for enhanced economic resilience and sustainable growth.
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