President Tebboune’s Bold Anti-Corruption Initiative Yields Significant Results, Promises Revitalization of the Economy and Reinforcement of Public Trust

✏️ BY: Dr. Hana Saada

Algiers, Algeria | August 13th, 2024 — Since his election in 2019, President Abdelmadjid Tebboune has made the recovery of illicitly acquired assets a central focus of his administration’s efforts to combat corruption and rejuvenate the Algerian economy. This commitment to reclaiming stolen wealth has become a hallmark of his presidency, signaling a robust approach to ensuring justice and fostering economic growth.

Substantial Progress in Asset Recovery

Under President Tebboune’s leadership, Algerian authorities have successfully confiscated nearly $30 billion in assets from former officials and their associates. This considerable amount includes luxury villas, industrial enterprises, and foreign bank accounts. A notable recent development in this campaign is the transfer of 23 strategically important industrial units—encompassing hotels, automotive and agro-food factories, and service stations—into public holdings for revitalization.

This transformative initiative represents a critical shift towards building a more equitable and prosperous Algeria. By reallocating these assets to public ownership, the administration aims to stimulate economic dynamism, enhance transparency, and reinforce social cohesion. The achievements to date indicate that meaningful progress is not only achievable but already in motion.

Expert Opinions on the Impact

Aoumar Baghzouz, Associate Professor at the Diplomatic Institute of International Relations, commends the significant strides made in anti-corruption efforts. He notes, “These actions not only enhance public trust in their leaders but also restore the administration’s reputation.” Baghzouz, who also teaches political science at Mouloud Mammeri University, emphasizes that these positive outcomes improve voter support and are a substantial asset for the current administration. He advocates for the continuation of these efforts, recommending the establishment of dedicated mechanisms to further combat corruption. “These measures reflect a commitment to protecting the public interest and ensuring transparent management of state resources, thereby restoring institutional credibility and bridging the gap between the state and its citizens,” he asserts.

A New Era for Economic and Institutional Reconstruction

Baghzouz views the current phase as an initial step towards a comprehensive anti-corruption strategy. He stresses the necessity of ongoing vigilance and adaptation to maintain the effectiveness of these measures. The tangible results thus far affirm President Tebboune’s electoral promises. “These are concrete actions, not mere rhetoric, that genuinely make a difference,” he observes.

The strategic management of recovered assets signals a new era for Algeria, with these assets being utilized to drive economic revitalization. Experts like Farid Kourtel, an international economic and administrative affairs specialist, and Brahim Guendouzi, Professor of Commerce and Economics, provide insights into the anticipated impact on Algeria’s economic landscape.

Kourtel notes recent developments, stating, “This week has seen the transfer of seized assets, such as the Kia assembly plant in Batna and hotels previously owned by imprisoned businessmen, to competent public enterprises.” He elaborates that “all seized assets are being allocated to qualified entities responsible for completing unfinished projects to enhance their operational value. Once operational, these assets will significantly contribute to GDP growth and stimulate the national economy.” Kourtel also highlights that the revival of these assets is expected to create thousands of direct and indirect jobs, thereby reducing unemployment and alleviating the budget deficit.

Legal Framework and Future Prospects

Previously, legal hurdles impeded the effective management of seized assets. However, new legislation has been enacted to create specialized funds for managing and transferring these assets. The current legal framework is robust, providing minimal grounds for contesting the process.

Regarding the workforce of the seized enterprises, Kourtel suggests that former employees may be re-hired, leveraging their experience and skills. Guendouzi adds that “the execution of judicial decisions is crucial in this process. The State’s control over these production units is managed by the State Participation Council (CPE), chaired by the Prime Minister.” He emphasizes the importance of effective management in integrating these assets into the public sector, focusing on financial performance, human resources, and production efficiency.

Looking forward, Guendouzi envisions the possibility of opening some of these enterprises to private investment in the future, either through the stock exchange or other mechanisms. This would require careful consideration and specialized handling to ensure successful integration and sustainable development.

Translated with adaptation from: 

https://www.horizons.dz/?p=151337

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