Economic, financial recovery within our reach, says President Bouteflika

APS : Monday, 31 October 2016
ALGIERS- President of the Republic Abdelaziz Bouteflika on Monday has underlined that the economic and financial recovery is within our reach, and called for a national mobilization to join efforts in order to cope with the current financial difficulties.
“Our economic and financial recovery is within our reach. The new growth model, adopted recently, will allow the development of our rich potentialities to build more diversified economy and meet the employment needs of our youth,” said President Bouteflika in a message marking the 62nd anniversary of the Revolution of 1 November 1954.
To that end, the Head of State stressed the need “to join efforts in order to cope with the current financial difficulties and carry on our promising development process.”
In his message, President Bouteflika recalled the “huge efforts and the outstanding achievements made” during nearly two decades.
Hundreds of billions of dollars from oil revenues have been devoted to the building of schools, universities, hospitals, housing units and basic infrastructures, as well as to energy and drinking water supply, added the president of the Republic.
“This momentum also contributed to curbing unemployment and improving the living conditions of large sections of the population,” said the Head of State
“These achievements, though still insufficient, show the State’s commitment to the social justice and national solidarity,” he added.
However, President Bouteflika underlined that Algeria has been witnessing, since two years, “a sharp deterioration in its revenues, like other oil producing countries.”
He recalled that the measures taken over the past years, regarding the early repayment of its external debt and a cautious management of its exchange reserves, “allow us today to preserve our economic decision-making autonomy.”
In this regard, the Head of State stressed the need to step up and deepen reforms for the modernization of governance and boosting investment.

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