During his regular meeting with national media representatives, broadcast Saturday evening, the President of the Republic stated that non-hydrocarbon exports have reached 5 billion dollars.

He described this milestone as "a miracle in every sense" compared to previous levels, which stagnated below 1.5 billion dollars.

Despite this progress, President Tebboune asserted that "a war is being waged against Algeria's non-hydrocarbon exports," citing "unfair practices" targeting Algerian rebar (concrete reinforcing bars) in Europe.

He noted that European quotas for this product are often "entirely exhausted within 12 days," despite the fact that 85% of Algeria's imports originate from Europe.

President Tebboune revealed that Algeria has requested a renegotiation of these terms, but "no European consensus" has yet been reached.

"Certain parties are inciting hostility against Algeria, believing we will succumb to these despicable methods," said the President of the Republic.

On the issue of external debt, the President of the Republic assured that Algeria "will not resort to this option" in a traditional sense, specifying that any external financing will follow a "rational approach" and be directed exclusively toward high-yield economic projects.

In this context, he noted that Algeria is utilizing over 3 bllion dollars financing from the African Development Bank (AfDB) for the railway extension project to El Meniaa and Ghardaïa.

He emphasized that the terms are "flexible," with repayment spread over 13 years, noting that as a founding member and major contributor to the AfDB, Algeria is utilizing an African institution designed for development rather than a private lender.

"Algeria will not mortgage the future of its children through debt and will never surrender its independence in decision-making," he reaffirmed.

Regarding inflation, the President of the Republic reported a significant drop from nearly 11% in 2019 to less than 1.8%, calling it "a miracle in the current global context."

To further protect citizens' purchasing power, the President of the Republic expressed his current refusal to impose tolls on the East-West Highway, noting its vital role in transporting essential goods between provinces.

He emphasized that Algeria remains a "welfare State" that encourages business freedom while "ensuring the protection of the working class through national solidarity and price stability."

Looking ahead to the upcoming visit of Italy's PM, President Tebboune affirmed it would provide an opportunity to evaluate economic relations and explore the establishment of an Algerian-Italian Chamber of Commerce.

He also highlighted the importance of the Mattei Plan, an Italian-led initiative to support African economies.

As a model for the continent, he cited an Italian agricultural project in Timimoun covering 35,000 hectares, which will serve as a training hub for professionals from across Africa.

President Tebboune

Algeria hits non-hydrocarbon export milestone