ALGIERS-Prime Minister Abdelmalek Sellal advocated Saturday in Algiers the preservation of the sovereignty of the national economic decision in the face of the current difficulties the country witnesses due to the fall in oil price.
“The country’s financial situation pushes us to preserve the sovereignty of our economic decision as our political decision depends on it,” Sellal stressed in the Government-Walis meeting.
The government cannot tolerate a “high” level of debt as it “may compromise the upcoming generations’ future,” he affirmed, adding that “we must think about their future.”
Therefore, he said, we must develop hydrocarbon resources and support explorations of gas and shale gas.
As regards the 49/51% rule governing foreign investments in Algeria, the Premier said that it “entrenched Algeria’s sovereignty over its economy despite critics.”
According to Sellal, the year 2017 will be “difficult” for the national economy, hence the need for the promotion of new economic resources part of efforts of local authorities within municipalities, provinces and regions.
The year 2017 “is our last chance to change our economic vision and privilege the culture of work”, the Premier said, calling on governors and local officials to focus their efforts on investment activities in the heavy industry, tourism and agriculture areas.
Bureaucratic practices in the economic sector must stop, particularly after the introduction of the law on the freedom of initiative that protects executives in terms of decision-taking, he added.
According to the Premier, “local management attitudes must change” and Algerian investors must assume their responsibility in the development of the national economy.
Source: Sellal advocates preservation of economic decision sovereignty
