President Tebboune Reveals the Amount of Recovered Looted Funds
President Abdelmadjid Tebboune revealed, here on Monday, the amount of looted funds that were recovered, a step that falls within the implementation of his commitment to counter corruption.
President Tebboune confirmed, in a speech addressed to the nation before representatives of the two chambers of Parliament at the Palace of Nations, that more than $30 billion of stolen funds, represented in sums of money, real estate, and industrial units, were recovered.
The President of the Republic said in his speech, “Continuing to counter all forms of corruption and recovering the people’s money that was stolen during the period of the “gang’s rule” has enabled the recovery of more than $30 billion, including real estate, industrial units, and sums of money.”
“Work is continuing to recover the money that was smuggled out of the country”, he explained “Many European countries have expressed their willingness to cooperate with Algeria in this regard.”
In his address, Tebboune outlined Algeria’s economic tenacity. He proudly announced that Algeria has weathered the storm of food scarcity, an achievement recognized by the United Nations. Moreover, both the World Bank and the International Monetary Fund have acknowledged a robust 4.2% economic growth rate for the nation. He declared that Algeria’s foreign exchange reserves have soared past 70 billion dollars. He believes that this accomplishment is a testament to the will of the nation’s free patriots, not just advantageous market conditions.
Moving on to the mining sector, President Tebboune expressed his ambition to maximize the value of the nation’s resources. He guided officials to favour the exportation of processed materials over raw materials. Currently, Algeria boasts a production capacity of 5 million tons of iron. This strategy is expected to contribute to the country’s economic resilience. Moreover, he announced a total ban on the importation of ceramics and pottery, indicating a push towards self-reliance and local production.
Addressing the issue of bank loans, President Tebboune revealed that out of 5000 billion DZD issued in loans, only a sparse 5% have been reimbursed. He also announced the recovery of more than 30 billion dollars worth of properties and real estate, hinting at a massive crackdown on corruption and illicit money. Looking ahead, he shared an ambitious goal for the nation: to complete the digitization of all sectors by the first half of 2024.
These comprehensive policy changes and economic strategies signify President Tebboune’s commitment to the nation’s growth. As he considers running for a second term, the legacy of his first term will undoubtedly play a crucial role in the forthcoming presidential election.
