State of the Nation Address: President Tebboune Announces Surpassing $70 Billion in Foreign Exchange Reserves
BY: Hana Saada
ALGIERS- In a gathering of senators and deputies at the Palace of the Nations, President Abdelmadjid Tebboune declared that Algeria’s foreign exchange reserves have exceeded $70 billion. Notably, he attributed this achievement not solely to hydrocarbon revenues but also to the steadfast commitment of humble citizens.
Addressing the assembly on various fronts, President Tebboune revealed that explicit instructions have been issued to all mining sector authorities to prohibit the export of raw products. Emphasizing a shift towards value addition, he stated that exports should occur only “after transformation.”
Underscoring his commitment to national infrastructure development, the President expressed his ambition for the railway network to extend to Tamanrasset and Bechar, linking key regions for enhanced connectivity.
Furthermore, President Tebboune disclosed that Algeria’s annual steel production has reached an impressive 5 million tons. In a bid to promote domestic industries, he announced a prohibition on the importation of ceramics. Additionally, he highlighted the substantial scale of bank credits, amounting to 5 trillion dinars, with only 5% having been repaid to date.
President Tebboune’s address showcased a multifaceted approach to economic growth, with an emphasis on diversification, industrialization, and responsible resource management. The surpassing of the $70 billion foreign exchange reserves mark a significant milestone, reflecting both economic resilience and the collective efforts of the Algerian people. As the nation continues on this trajectory, the President’s outlined initiatives signal a commitment to sustainable development and the strengthening of Algeria’s position on the global economic stage.
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