Algeria will recover its money from IMF in 2020

Algeria’s finance minister Sunday said the loan which was granted to the International Monetary Fund (IMF) will be paid by 2020. “Algeria lent money to the IMF. The loan will be paid in 2020.”

The minister told senators that the loan will be paid within three years.

The senators evoked the Algerian loan as the Treasury’s incomes are decreased to the half due to oil price fall.

They requested to recover the money instead of imposing taxes in the Financial Act 2017.

Secretary General of Workers’ Party Louisa Hanoune said IMF’s representatives visited Parliament, few weeks ago. They denied that they borrowed $5 billion from the government in 2012.

“We want an explanation,” she said.

Chief of the President’s staff Ahmed Ouyahia said the loan is still among Algeria exchange reserves. An agreement with the IMF stipulates that a loan is granted to it if necessary.

Concerning fiscal evasion, finance minister Hadji Baba Ami said the provisions of Article 106 of the Financial Act 2017 punishes any violation of commercial surveillance operation.

He added that the State will continue subsidy until the generalized subsidy system is revised.

“The government examines this issue to target people with low incomes and reach justice,” he said.

He also said monetary mass circulated out of banks is estimated at 30 percent. All the entrepreneurship-related debts will be paid. The 2017 budget will allocate 410 billion DZ to settle those debts.