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Government Action Plan lays foundations of new economic model independent of oil rent

Published on : Tuesday, 21 September 2021 20:22   Read : 31 time(s)
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Government Action Plan lays foundations of new economic model independent of oil rent

ALGIERS-The Government Action Plan presented Tuesday by the Prime Minister, Minister of Finance, Aimene Benabderrahmane before the Council of the Nation (Upper House) tends to lay the foundations of a diversified economy based on the creation of wealth and jobs, "and independent of oil rent.

Presenting the Government Action Plan before the members of the Council of the Nation at a plenary chaired by Salah Goudjil, Speaker of the Council,Benabderrahmane said that the Government tended through its action plan to "lay new foundations to achieve comprehensive and sustainable development, independent of the cash economy based on fluctuations in oil prices.

The Government is working to establish new foundations for economic recovery through deep reforms of the financial and banking systems. The current economic model includes the review of mechanisms and conditions for granting credit, far from the practices of favoritism prevailing in the past," said the PM.

“Moreover, we work to improve the business environment, being the main catalyst for economic recovery,” said Benabderrahmane.

As such, the PM referred to the identification of looted or unexploited industrial, agricultural and tourism land in order to grant it to real investors.

See also: Council of Nation: Prime minister presents government action plan

In this regard, Benabderrahmane stressed the need to eradicate the parallel economy and build an economy based on knowledge, through support for microenterprises and startups.

Regarding the field of energy, the PM focused on the ongoing development of a law on energy transition that will be unveiled soon under the goals set by the Government to achieve a balanced energy mix by 2030.

As part of strengthening sustainable development and rational exploitation of wealth in the context of climate change, the PM spoke of the rationalization of the use of water resources, especially as the annual production capacity of water is expected to jump from 10 billion m3 to 12 billion m3.

Besides, he underlined the importance of reviving and enhancing large investments by "reducing the high cost of logistics hindering competition and the implementation of new logistics platforms according to the specificities of each region.”

Regarding agriculture, the PM affirmed that production capacity and storage will be increased for the achievement of self-sufficiency in order to reduce the import bill that weighs heavily on public budget. 

Government Action Plan lays foundations of new economic model independent of oil rent

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