The Minister of Finance, Laaziz Faid met with the administrator representing the constituency to which Algeria belongs to the International Monetary Fund (IMF) Bahador Bijani, with whom he highlighted the “resolute” commitment of the Algeria in the reform program aimed at consolidating its economic performance, indicates Thursday a press release from the ministry.
On this occasion, Mr. Faid underlined “the solid position of the Algerian economy, supported by industrial activity and investment in the agricultural sector whose expected results are promising”, while affirming to the IMF representative the Algeria’s commitment to an “ambitious reform program aimed at consolidating economic results for sustainable and inclusive development”, the same source specifies.
During this interview, held on Monday, the Minister of Finance “presented the performance of the macroeconomic framework which remains stable and positive growth projections, in line with IMF forecasts. This performance translates into falling inflation and a positive current account (…).”
Detailing the reforms implemented by Algeria in recent years, Mr. Faid noted that these are the review of the budgetary framework, the digitalization of financial administration, the diversification of the economy as well as the implementation of initiatives aimed at improving the business climate and encouraging entrepreneurship, such as the reform of industrial land and the facilitation of public procurement procedures, according to the ministry.
Algeria, he underlined, “is also part of a process of structural and profound reform of the banking system via the adoption of the new monetary and banking law, aimed at modernizing the sector in order to enable it to adapt to current and future developments, particularly in its technological aspect with a view to ensuring a favorable climate for economic operators and providing them with digitalized banking tools,” adds the press release.
These reforms will be followed by other important measures, such as the promulgation of the law on public-private partnership (PPP), assures the minister who highlighted the efforts made by Algeria in the diversification of its economy, this which will allow it to improve its non-hydrocarbon exports, which will increase from 7 to 13 billion dollars by 2025.
In the section relating to cooperative relations between Algeria and the IMF, Mr. Faïd praised the work carried out between the services of his ministerial department and the experts of the Fund, particularly in terms of budgetary management, taxation and treasury, according to the same source.
However, he invited his interlocutor to “intervene at the level of the IMF Executive Board so that it further strengthens its support in terms of knowledge transfer and capacity building capable of supporting Algeria in its vast program reforms,” we emphasize.
For his part, Mr. Bijani welcomed the efforts made by Algeria to lay the foundations for solid economic growth, the results of which are confirmed by the IMF, through its evaluation report under Article IV of its statutes.
He also congratulated Algeria “for its far-sighted approach to rebasing its GDP, which could allow it to improve its quota within the IMF, on the occasion of the next review by this Fund of the participations of its countries members planned for 2025”.
The official also affirmed his commitment to advocating at the level of the IMF Board of Directors, in favor of the intensification of knowledge transfer operations for the developing countries of the South, while respecting the context and the specificities of each country.
