✏️ BY: Dr. Hana Saada
Algiers- Algeria, May 13, 2024 – President Tebboune recently addressed the nation, highlighting Algeria’s remarkable progress in the economic sphere and signaling a pivotal moment in the country’s economic trajectory. In his speech at the Ministry of Defense last Wednesday, he underscored Algeria’s emergence as the third-largest economic power in Africa, attributing this achievement to increasingly robust domestic production.
The President emphasized the nation’s growing ability to engage in full-scale production processes and export locally manufactured goods, while also acknowledging the challenges faced by the Algerian economy prior to the Hirak movement.
During his address, President Tebboune outlined the less optimistic economic outlook Algeria faced until 2019, recalling the serious consideration given to seeking assistance from the International Monetary Fund. “We were on the brink of collapse, and the leaders of that time were preparing to knock on the door of the IMF,” he recalled, highlighting the efforts made since then to avoid the “trap of external debt.”
The President also addressed the defeatist rhetoric prevalent at the time, citing “foreign observers” he believed were “affiliated with hostile circles,” who predicted an inevitable recourse to external debt by the end of 2020.
President Tebboune recalled that during this period, despite an $18 billion deficit, foreign exchange reserves had reached $42 billion. This deficit, he emphasized, was exacerbated by what he termed “overbilling of imported products.” He pointed out that during this time, Algeria imported $750 million worth of ketchup and mayonnaise, “equivalent to a country’s budget.”
The President affirmed that the recovery of the national economy was underway, thanks to targeted measures to eradicate bureaucracy and corruption. He highlighted Algeria’s success in restarting nearly a thousand previously idle factories. “The national economy is beginning to recover (…) thanks to the fight against bureaucracy, the fight against corruption,” he declared, emphasizing the restart of these 900 factories.
Towards Strengthening Domestic Production
After detailing the obstacles to the country’s economic development, President Tebboune emphasized the significant improvement in domestic production, with a focus on achieving self-sufficiency in oil and sugar production. He stated, “We have factories in Béjaïa and Jijel that will allow us to meet domestic demand and export within a year and a half or two.” This announcement comes as Algeria strives to address its deficit in cereal production.
The President also stressed the need to develop the agricultural sector, noting that Algeria imports nearly 9 million tons of cereals annually, highlighting the magnitude of the challenge. However, he emphasized the considerable efforts made to address this deficit.
In addition to these efforts, the President mentioned initiatives to strengthen dairy production. Among these initiatives, the launch of the Algerian-Qatari project for milk powder production in the south of the country is particularly notable. This project, valued at $3.5 billion, covers a total area of 117,000 hectares.
In addition to the mentioned achievements, the President also spoke about the export of clinker, the essential raw material for cement production, as well as steel bars and iron. “Just five years ago, we were still forced to import these materials,” he noted. In this regard, he emphasized that the construction sector no longer needs to resort to foreign materials, as everything is now produced locally.
Furthermore, the President unveiled a new project for the manufacture of industrial tires for both military and civilian use. It is worth noting that the President mentioned only a few examples of sectors that have recorded positive performances, as well as ongoing or upcoming projects. Other areas of activity, such as cosmetics, have achieved self-sufficiency, and some operators can now boast of exporting.
Translated from: https://lalgerieaujourdhui.dz/made-in-algeria-comment-on-a-surmonte-les-obstacles/
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