Over DZD 570 Billion To Be Printed Within 5 Years

Algeria will print over the next five years a value of DZD 570 billion, the value that the Bank of Algeria will lend to the Public Treasury in the form of interest-free financing, Head of the Finance Committee at the National People’s Assembly, Toufik Toureche,said on Tuesday while being the “Morning Guest” of the national radio.

“The first and last winner will be the national economy. The Bank of Algeria, under the unconventional financing, will finance the public treasury without interest and profits”.

Regarding the draft amendment of the Monetary and Credit Law, which will be presented to the People’s MPs on Thursday, he explained that this law is rich and represents the current alternative for external borrowing and avoids recourse to the International Monetary Fund, which imposes harsh conditions.

Toreche defended this project after listening to the partners and discussing it at the level of the Finance Committee and consulting with economic experts who agreed that the national economy will not be adversely affected at the current stage, adding that the borrowed money will be directed to investment and not to consumption.

In that regard, he suggested that the draft law should be enriched with innovative procedures to improve banking services in order to restore a new banking dynamism.

When addressing the Finance Law 2018, the Chairman of the Finance Committee of the National People’s Assembly confirmed that the law will preserve the social character of the state and does not include large increases that burden the citizen except for some minor increases in gasoline.

On the other hand, he asserted that the Finance Law will be one of the laws that are programmed for discussion in the Lower Chamber of Parliament, which includes the agenda of its regular session to study and discuss more than 20 draft laws.