APS : Saturday, 02 June 2018
WASHINGTON- The International Monetary Fund (IMF) expressed Friday its support to Algeria’s efforts aimed at increasing non-hydrocarbon revenues and improving public spending efficiency,
welcoming the government’s willingness to advance the economic reforms.
In a statement issued in Washington, following the approval by the Fund Executive Board of the assessment report of the Algerian economy, established under the article IV, the Fund welcomed “the government’s willingness to advance reforms in order to foster private sector development by improving the business environment, enhancing access to finance and strengthening governance, transparency and competition.”
The Executive Board also supported “the efforts to raise more non-hydrocarbon revenue, improve public spending efficiency and management and to expand the subsidy reform” while protecting the poor.
The Fund also welcomed the public authorities’ efforts to manage the adjustment process, underlining that in the face of the drop in oil prices, it was useful to carry out structural reforms to facilitate a more diversified growth model and support private sector development, improve the functioning of labor market and further open the economy to trade and foreign direct investment.
It noted that the banking sector continues to perform relatively well, advocating the strengthening of the macro-prudential framework given possible macro-economic risks.