Algeria Resorts To Workers' Wages To Face The Financial Crisis

Finance Ministry’s decision containing the terms and modalities which were used by the public treasury to create the bonds of the national loan for economic growth, through the inclusion of two new categories of bonds, the first bond worth 10,000 DZD and the second category worth 1 million DZD, so as to attract various categories of society including workers and middle-income earners.

After less than a month from the beginning of the work with the bonds of the national loan for growth, the Finance Minister, Abderrahmane Benkhalfa, reviewed the decision on the bonds loan, in terms of the value of the bonds, and the parties that are assigned to subscribe, and the commission’s percentage on employment.

After the Finance Ministry approved a bond worth 50.000 DZD, Finance Services created bonds worth 10,000 DZD only, in an attempt to attract funds of poor and middle incomes-income earners like workers, in the wake of some of the justifications that were put forward by these groups about their desire to solidarity, which the government is declaring its necessity.

According to the latest publication of the Official Gazette, from the beginning of this Saturday, citizens who will be able to subscribe in what is known as the national loan for economic growth, to access to bonds worth 10,000 DZD, in addition to the authorized bond, which value is estimated to 50,000 DZD, and it seems that the first two categories target the category of weak wages, while the second category includes the major public companies, businessmen of private companies, at a time the subscription period is 3 to 5 years.

Loan bonds’ project mobilized both the government and the Finance Ministry to make it a success through awareness and promotional campaigns, as the Finance Ministry chose to expand the parties that are involved to make it a success, having authorized the banking agencies and financial institutions to receive subscribers, then later it joined the insurance agencies to this process.

Finance Ministry’ decision said in the Article IV to open the subscription in the central treasury, provincial treasury, Algeria post, banks and insurance agencies.