Economic

The Algerian government announces a $10 billion recovery plan

The Algerian government announced, on Thursday, a plan to invest 10 billion in the context of reviving the economy affected by the “Corona” pandemic. 

Minister of Communication, government spokesman Ammar Belhimer, told the official Algerian radio that the plan would focus on the sectors of agriculture, industry and mines.

According to the Algerian official, part of the investments will be directed to revive small and emerging enterprises, foreign trade to curb imports that drain the country’s foreign exchange reserves, and the pharmaceutical industry.

He explained that these investments “will be accompanied by improving the business climate, liberating it from institutional and bureaucratic restrictions, and strengthening economic activities based on knowledge and technological value.”

On Wednesday, the Algerian Prime Ministry revealed, in a statement, a timetable for the implementation of President Abdelmadjid Tebboune’s economic recovery plan, extending over three phases until 2024.

According to the Algerian government, the first phase includes urgent measures that will take effect before the end of this year.

According to the government statement, the second phase of the plan includes measures to be implemented in the short term in 2021, and the third and final phase concerns medium-term measures over a period of three years between 2022 and 2024.

Two weeks ago, President Tebboune unveiled a 3-axis and 20-item plan to reform and revive the country’s economy, which was affected by the Corona pandemic and the drop in oil prices.

At the time, Tebboune told an economic conference that the plan aims to raise the country’s non-oil exports to 5 billion dollars by the end of 2021, up from 2 billion dollars now.

The Algerian government announces a $10 billion recovery plan

The plan will focus on fiscal reform, fighting unemployment and creating jobs.

Algeria has been experiencing an economic crisis for years, as a result of the fall in oil prices, and its intensity increased with the spread of the pandemic, which prompted the government to reduce government spending in half.

The country’s economy suffers from excessive dependence on oil and gas revenues, which account for 93 percent of the country’s foreign exchange earnings, according to official data.

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