President Bouteflika: Algeria in secure position despite low oil prices

APS : Wednesday, 18 January 2017
LONDON (Great Britain)- President of the Republic Abdelaziz Bouteflika said the economic measures taken by Algeria put the country in a secure position in spite of the drop in oil prices.
“The measures that we have taken in recent years have put us in a secure position, and despite the low oil price environment that has persisted since mid-2014,” the head of State said in an interview granted to Oxford Business Group, published in its latest report on Algeria.
President Bouteflika disclosed that Algeria “is among the few hydrocarbon producers that continue to see job creation and economic growth which reached 3.9% in 2015.”
“The number of investments recorded in the last three years represents 70% of total investments since 2002, and some 24.386 projects were launched between 2013 and 2016.”
The head of State, however, noted that “there is a clear awareness that commodities can no longer be the base of our socio-economic development, even if oil prices rise in the future, they will not cover all our economic needs,” hence the “need to react and employ the necessary strategies to ensure a brighter future.”
To deal with such an eventuality, Algeria has created a new economic growth model with “budgetary strategies for the short and medium term.”
The budget framework “takes the current economic environment into account but continues to offer special support for the disadvantaged and has the development of an emerging market economy as a central aim,” President Bouteflika said.
“Actions will be taken for further socio-economic development, accelerate the diversification of our economy and strengthen social programmes without additional economic costs.”
“Tax and budgetary reforms will also further growth and promote sustainable human development,” he underlined.
President Bouteflika mentioned some fields that can be future drivers of growth, citing industry, agriculture, energy, petrochemicals, tourism and the knowledge economy.”
“Partnerships and investment in these areas will be encouraged and supported through a variety of financial and tax incentives.”

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