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Agence Ecofin
Wednesday 25 January 2023 Last update on Wednesday, January 25, 2023 At 5:44 PM

The President of the Republic, Abdelmadjid Tebboune announced on January 19 that foreign exchange reserves exceed 60 billion USD while economic growth recorded a rate of 4.1% in 2022 and should reach 5% in 2023.

In his speech at the opening of the work of the government-walis meeting, at the Palais des Nations (Algiers), President Tebboune mentioned the indicators and the positive results obtained over the past three years, thanks to the development strategy in place and to “the participation of the walis in the resolution of the problems which hindered businesses, for bureaucratic reasons or legal loopholes”.

Among these results having enabled the creation of “a clear economic and social dynamic” in Algeria, the President of the Republic cited “the reduction of the import bill by an amount ranging from 36 billion USD to 38 billion USD against 63 billion USD per year in the past because of over-invoicing and the squandering of public funds”.

“We have succeeded in reducing imports without depriving the citizen” of the different needs, underlined President Tebboune, assuring that “there are no more disguised imports”.

The consolidation of imports “continues because there are still exaggerated imports”, he said, recalling that the economy is built on the basis of production and not imports.

Among the other positive results materialized on the economic level, the President of the Republic mentioned the increase in non-hydrocarbon exports. “We were able, for the first time, to increase exports from $1.7 billion in 2019 to $5 billion in 2021 and then to $7 billion in 2022, an annual increase of 30%,” he said. -He specifies.

President Tebboune also highlighted the bases of the new governance which will be consolidated through the diversification of funding sources and the improvement of management methods.

Thanks to the efforts of the walis, “between 600 and 700 micro, small, medium and large economic units have been created in a short time, contributing to local development”, added the President of the Republic, calling on the walis to “free themselves from hesitation” and to “show initiative and audacity”, especially since this stage is “that of the strategic challenges of energy, food and water security”.

“Management methods are not fixed, you do not have to wait for central instructions”, launched President Tebboune to the walis of the Republic.

According to him, the wali is like a “head of government in his wilaya”.

President Tebboune affirmed that the year 2023 will be “marked by the acceleration of the realization of projects and the strengthening of achievements”, adding that it will also be “that of the improvement of the living conditions of the citizen who remains in top of our priorities and public service, the recovery of land and the development of agricultural land, by encouraging the creation of businesses and jobs”.

In addition, the year 2023 will be the year of “efficiency, improving the standard of living and purchasing power, and reducing inflation”, he stressed, adding that the State works to protect the citizen against global economic repercussions.

The President of the Republic also acknowledged that salaries were “insufficient”, affirming that “the salary threshold will be increased to reach 47% at the end of 2023 and the beginning of 2024”.

He recalled that the current year will see the launch of the first Algerian sugar production plant, and the first national production of edible oil (100% Algerian) “under the protection of the State and the law. “.

Regarding funds hoarded outside banks, Abdelmadjid Tebboune called on their holders to deposit them quickly with banks. “I make a final appeal to those who have accumulated money in their homes to deposit it in the banks,” he said. He recalled in this regard that the State “has granted many guarantees to protect the citizen and the national economy”, adding that banks have integrated Islamic finance.

Source Algeria Press Service

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