Algeria: Phosphate and Marble exploitation to offset oil prices’ downturn

A host of union leaders and economic experts called during the festivities marking the celebration of the twin anniversary of the creation of the UGTA and the nationalization of hydrocarbons, for investing in the exploitation of the huge phosphate and marble deposits in order to to face up to the plummeting oil prices on the world market.

In this connection, financial expert, Mohamed Hamidouche, explained in a statement to “Echorouk” that currently Algeria was grappling with   a sharp decline in hard currency revenues due to the collapse of oil prices which inevitably led to the depreciation of the national currency, the Dinar, stressing that this untoward juncture must compel us to look for other alternatives to replenish the country’s financial reserves.

In addition, he pointed to the need for structural reforms of the tax system and for steering the national economy towards exports excluding hydrocarbons while urging the CNES, as an advisory body, to make adequate proposals to the government to prioritize all those economic activities that generate hard currency.

For his part, trade unionist Mohamed Lakhdar Badreddine, proposed that investments be redirected to the exploitation of phosphate deposits and marble quarries in order to cope with the dwindling oil prices.