Algeria-IMF: Efforts to diversify national economy tabled


ALGIERS- Minister of Energy and Mines, Mohamed Arkab received, Sunday, in Algiers, a delegation from the International Monetary Fund (IMF), led by IFM Mission Chief for Algeria Genevieve Verdier, said the ministry in a statement.

During this meeting, held at the headquarters of the ministry in the framework of the IMF’s annual consultations, under Article IV, Mr. Arkab presented the main thrusts of the program for the development of the energy sector and mines, as well as the new regulatory frameworks that govern hydrocarbon and mining activities, specified the same source.

Mr. Arkab also recalled the efforts of the sector for ”the diversification of the national economy through the development of petrochemicals, mining processing and the development of new and renewable energies”.

For her part, Ms. Verdier expressed her satisfaction with the outcomes of the meeting which allowed her to learn about the prospects for the development of the energy and mining sector in Algeria, in particular “the consolidation and the positive evolution of the macro-economic parameters, such as; hydrocarbon export revenues and oil taxation,” the statement concluded.

IMF hails economic reforms initiated to improve business climate:

The Minister of Industry, Ahmed Zeghdar, received, Thursday in Algiers, the head of the mission of the International Monetary Fund (IMF) in Algeria, Genevière Verdier, with whom he reviewed the economic reforms recently undertaken in Algeria, said a press release from the ministry.

The meeting between the Minister, Mrs. Verdier and the accompanying delegation, the press release stated, focused on “the economic reforms that Algeria has recently initiated as part of its solid and diversified economic development strategy, which is based on the promotion of the national product”.

Zeghdar highlighted, in this context, “the reforms that have affected the legal arsenal related to investments, which are reflected in the stability and guarantees offered to strengthen the confidence of investors, the advantages and incentives for local and foreign investments, and the mechanisms of support and accompaniment of investors, which will contribute to the improvement of the business climate in Algeria”, added the same source.

The Minister recalled the strategic industrial sectors that Algeria is working to develop, headed by the agro-food, mechanical, electronic and electrical industries, textiles and the chemical and pharmaceutical industries.

He also presented an update on the performance of the public industrial sector which “is experiencing, according to him, a new dynamic after the Covid-19 pandemic and its negative economic repercussions, and thanks to the measures taken to correct the dysfunctions observed in the management of public enterprises with a view to ensuring good governance and optimal efficiency for these enterprises”.

The meeting was also an opportunity “to review the national product and consumer protection strategy, through a quality infrastructure consisting of the legal and regulatory framework, and the bodies created for this purpose”.

For her part, the IMF representative hailed the reforms and measures taken which “are likely to improve the business climate and the business ecosystem in Algeria, as well as to capture foreign direct investment (FDI)”.


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