Algeria food import bill down $2 billion

Algeria’s milk and cereal imports will fall by $2 billion products in 2009 compared with the same month last year, Algerian agriculture minister said.

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• “This fall is due to the country’s cereal production estimated at more 60 million quintals,” said Rachid Benaissa.
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• “Algeria has reached this development thanks to its efforts in terms of production tools modernisation and professionalism in the agriculture sector following performance contracts signed with 1541 municipalities,” he added.
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• The government is working on reducing its imports as much as possible in an attempt to stop hard currency infiltration.
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• In 2008, Algeria’s imports were estimated at more than $40 billion. That was behind the announcement of protective measures for the national economy.
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• A ban on banks issuing consumer loans was part of those measures stipulated in the complementary finance law 2009. This decision triggered dissatisfaction among Western operators.
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• Consumer good imports dropped 8.8 percent in Jan-August compared with the same last year while food good imports fell 25 percent.
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• Industrial equipment imports also dropped 63.62 percent in Jan-August compared with the same last year followed by semi-industrialized imports valued at $6.8 billion and agriculture equipments at $137 million.