Abdelaziz Bouteflika: "Everyone Must Overcome Political Differences"

date 2017/09/06 views 551 comments 0

icon-writer Samira Belamri /English version: Dalila Henache

President of the Republic approves to make the Bank of Algeria its only resort in facing the financial crisis, as the public treasury will be able to borrow directly from the Bank of Algeria for a period of 5 years, in which the bank will cover the state budget deficit, finance domestic public debt and grant resources to the National Investment Fund, while it confirmed the difficulty of this stage, he called on everyone to overcome the political differences to maintain the economic independence and finances of the country.

Prime Minister, Ahmed Ouyahia, said on Wednesday, that the file of the law amending the Monetary and Loan Law was present at the Cabinet meeting today, and away from the return to the bonds, the government chose to resort to the Bank of Algeria for internal borrowing in order to immunize the State from external borrowing, as it will accompany the extraordinary funding that will be adopted for a period of five years, until 2022, through the implementation of a program of economic and financial structural reforms that aimed at re balancing the public financing and payments.

Following the ratification of the draft amendment to the Monetary and Credit Law to introduce the unconventional funding for the public treasury, through which the government adopted the reproduction of the Japanese, American and United Kingdom experience in the face of the effects of the global financial crisis on their development, as the Presidency stated that Algeria would temporarily resort to this type of funding that follows its resistance over the past three years to a severe financial crisis that is caused by a significant collapse in oil prices.

The authors of this statement say that in this way, Algeria will avoid a halt to its economic and social development, and this solution will enable a period of transition to complete its economic and financial reforms.

In his intervention following the ratification of the draft law, which established the option of non-recourse to external borrowing, the President affirmed that the Algerian people, which had made great sacrifices in order to overcome the national tragedy and return to the path of development since almost two decades ago, deserves to avoid living a new crisis of development after that of the late 1980s.

President Bouteflika added: "If the recourse to non-traditional funding would allow the country to move forward, the new formula also required everyone to recognize the difficulty of the situation and the efforts it was making. The social partners and the Government had a duty to show solidarity and coordination in order to ensure reforms under social peace".

The Head of State called on workers to work in their respective sectors to intensify efforts to promote reforms that aimed at modernizing the country's functioning and the efficiency and competitiveness of its economy in order to achieve revenues that ensure long-term social justice and national solidarity.

Bouteflika pointed out that Algeria, which is still enjoying external economic independence, thanks to its pre-payment of its debts and the accumulation of exchange reserves, can today resort to sovereign domestic non-traditional financing to avoid a decline in its growth, which may be serious not only economically but also socially. Regardless of affiliations, including political participation in maintaining the economic and financial independence of the country by joining the reforms and the efforts that are required by an implicit call to achieve consensus on economic and financial reforms that it seems that Ahmed Ouyahia will take over its application.

In response to the president's call for everyone to overcome differences, including political trends and affiliations in maintaining the independence of the economic decision, the government is obliged to explain the real significance of the reforms that will be launched in order to involve society at this stage in which the country faces many challenges.

After approving the draft amendment of the Money and Loan Law, which covered the government's work plan, the president approved the work plan of Ouyahia's government, which is based on the same traditional axes, including maintaining the security and stability and unity of the country and strengthening democracy, including the promotion of the rule of law and good governance in various spheres of national life.

On the economic level, the work program emphasizes in particular the policy of intensifying growth through improving the business environment, promoting investment in all sectors, supporting agricultural and rural development, and valuing the local development as well.

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