Parliament slows down on consumer loans and rescinds tax on the wealthy

Algerian finance minister, Karim Djoudi, has announced that a study is underway with a view to reintroducing the system of consumer loans to be allotted to citizens for exclusive national products barring imported ones.

In a statement to the press on Tuesday outside a plenary session of the National Popular Assembly or lower house of Parliament, Mr Djoudi said that this endeavour, allowing consumer loans for local products, was now being examined by the government in close conjunction with the UGTA Trade Union and the Central Bank to ensure its efficiency and reliability.

Furthermore, the Finance Minister also emphasized that the government had no intention for the time being to allow Algeria– based car dealers to sell their vehicles through the hire – purchase or installment plan adding that there was no projected alteration to this plan by the relevant authorities.

In a separate file, Mr Karim Djoudi indicated that the 12% slump in Algeria’s oil revenues recorded during the first semester of 2013 was “worrying”, as he put it, adding that this disquieting contingency should prompt the country to further diversify its revenue sources.

Meanwhile, the National Popular Assembly adopted on Tuesday by a majority of votes, the 2014 draft law of finance during a plenary session held under the chairmanship of Mr Larbi Ould Khelifa and in the presence of Finance Minister Karim Djoudi and other government members.