Finance Minister Announces Major Budget Allocations for 2024: 397 Billion Dinars for Cereals Price Subsidies

✏️ BY: Dr. Hana Saada

Algiers, Algeria | August 23rd, 2024 —  In a significant budgetary update, Algerian Finance Minister Laaziz Faïd has unveiled substantial financial provisions for 2024, focusing on critical sectors, such as agriculture, commerce, and manufacturing. The announcement, made on Thursday, August 22, in Algiers, underscores the government’s commitment to stabilizing and growing the national economy through targeted financial support.

The budget for 2024 includes a notable allocation of 397 billion dinars to the Algerian Interprofessional Cereals Office (OAIC). This funding is designated to cover the price difference for cereals, ensuring the stabilization of prices for 98 million quintals of cereal products. In addition, 120 billion dinars will be allocated to subsidize refined edible oil and white sugar, addressing key consumer needs and maintaining affordability.

Minister Faïd highlighted the strategic focus on boosting domestic milk production to reduce dependency on imported milk powder. The government aims to achieve an annual milk production of 3.4 billion liters, which is a cornerstone of the national food security strategy.

The Minister made these announcements during the inauguration of a new early warning and monitoring cell designed to regulate market supply and stability. This cell will include representatives from multiple ministries—Commerce, Finance, Agriculture and Rural Development, and Industry and Pharmaceutical Production—as well as members of the security forces, to ensure a comprehensive approach to market regulation.

Minister Faïd emphasized that this multi-sectoral cell will play a crucial role in maintaining market stability and safeguarding citizens’ purchasing power. The cell will leverage real-time data and analyses to respond to climatic, geopolitical, and economic changes, aiming to uphold food security and economic stability.

Minister of Commerce Highlights Collaborative Approach for Market Stability

In his address, Minister of Trade and Export Promotion Tayeb Zitouni underscored the importance of a collaborative approach among various governmental departments and public organizations to ensure the effectiveness of the new early warning and monitoring cell. This initiative is part of a broader strategic outlook intended to enhance market stability and protect consumers’ purchasing power.

Zitouni explained that the cell’s establishment reflects the government’s dedication to proactive economic management. The cell will utilize real-time dashboards to monitor and report on market conditions, including climatic and geopolitical factors, structural changes, macroeconomic forecasts, and international cooperation.

The Minister clarified that the cell, chaired by the Secretary General of the Ministry of Commerce, will assess production capacities and evaluate plans for diversifying production sources. This approach is aligned with rigorous financial policies aimed at stabilizing the market and supporting economic growth.

Agriculture Minister: Ensuring Market Stability and Supporting Food Security

Agriculture and Rural Development Minister Youcef Cherfa detailed the cell’s role in ensuring market stability and price regulation. He affirmed that the cell aligns with President Abdelmadjid Tebboune’s strategy for achieving food security.

Minister Cherfa outlined several initiatives for strategic crops, including cereals and oilseeds, with large-scale projects planned for the southern regions in partnership with Qatar and Italy. These projects aim to reduce import costs and enhance local production.

Cherfa also reported the allocation of warehouses for essential products like onions and garlic, ensuring market supplies for at least six months. He reassured the public about the availability of significant quantities of legumes and cereals to meet national demands. Additionally, new projects such as a dairy facility in Algiers are underway to bolster local production and processing capabilities.

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