MPs To PM Ouyahia: “Where Did You Spend $ 30 Billion Dollars?”

MPs of the National People’s Assembly, required from Prime Minister Mr. Ahmed Ouyahia, sufficient justification and clarifications about the destination of the fresh money which was printed by the Bank of Algeria in the framework of the amendment to the Loan and Credit Law.
Parliamentarians from the lower chamber of parliament have pondered about the sectors and projects that had devoured 30 Billion Dollars, as from the beginning of the year 2018.
MP Fatima Saidi, a member of the Movement for a Society for Peace movement, asked an oral question to Prime Minister Ahmed Ouyahia, urging him to provide justifications for the printed funds under the newly-adopted amendment to the Loan and Credit Law.
For an exceptional period of five years, the Central Bank will purchase directly from the Public Treasury the securities issued by the Central Bank in order to contribute to covering Treasury financing needs. ”
The MP asked the Government today to determine the amount of money officially printed in this framework and to set up a follow-up mechanism, which was introduced in the loan and credit law, so as to be able to trace these funds and how they were shared out to finance the various projects. The MP wondered about the “dubious” fate of this mechanism.
According to a question submitted to the Government by the MP from the Movement for a Society for Peace coalition, the Prime Minister is called upon to provide further clarifications regarding the progress of these funds, especially with regard to covering the needs of Treasury financing, internal public debt financing and financing of the National Investment Fund.
For reference, the Bank of Algeria last month unveiled the new amount of funds printed under the non-conventional financing framework, and which was set at 3,585 Billion Dinars.
In this line, according to the Governor of the Bank of Algeria, Mr. Mohamed Loukal, the unconventional financing operations were carried out in full transparency, through the issuance of periodic reports, confirming that about 30 billion dollars were printed and were created in the form of securities issued and guaranteed by the State in accordance with Article 45 A of Decree No. 03 11 of 26 August 2003, amended and supplemented by Law No. 17-10 of 11 October 2017.
The recent figures from the Bank of Algeria, have prompted the International Monetary Fund (IMF) , to warn Algeria against the danger of freewheeling printing money and continuing with such a “risky” process.