Sellal: Algeria’s financial situation is difficult

Algeria’s Prime Minister Abdelmalek Sellal Sunday said the country experiences a difficult economic situation and faces real hindrances. Yet, it shows good resistance.

In a tripartite meeting, Sellal said “the situation is difficult and tomorrow is unsure but Algeria resists well.”

He added that the country suffers from oil falling prices but it still has a capacity of improving its growth. Imports bill decreased by more than 13 percent and inflation is estimated at 4.11 percent. 

Speaking about exchange reserves, he said they can cover Algeria’s expenses for the next four years.

He gave examples of richer countries which had to double fuel price and cut water and electricity. 

The tripartite meeting dealt with social and economic issues including the development new modal and retirement system assessment. 

Sellal said the government is ready to hold talks about all the issues and the State is attached to social policy.

“The nation is safe and led by a war veteran chosen by citizens. Algeria is free and sovereign. It will remain strong even if oil price goes down. People’s unity is a wealth which will never loose its value,” he added.

In response to complaints about difficulties faced by employers in terms of industrial real-estate and funding, Sellal said Mohamed Loukal was appointed as the new governor of the Bank of Algeria. “This is a strong indicator of a will to support investment. The new governor is a specialist in banking systems.”